Seattle home prices grow at slowest pace in three years
But with Seattle condo prices and Eastside home costs still surging, the region remains among the hottest housing markets in the country.
Home prices usually cool off in the winter, but this time the change is more pronounced. The median cost for a single-family house in the county was $525,000 in January, the cheapest it’s been in 11 months, the Northwest Multiple Listing Service data shows.
The slowdown hit Seattle especially hard. Single-family home prices in the city ticked up only 2.7 percent compared to a year prior, way down from 24 percent annual growth last winter. It’s the slowest home price growth in Seattle in nearly three years.
Seattle’s median house price of $635,000 is down about $31,000 from the record heights reached last summer.
Low inventory persists
However, the pickings are slimmer than ever: Fewer than 1,600 houses in the county were on the market at the end of the month, breaking a record-low set just a month before. Few people are selling their homes, and those houses that do hit the market are snatched up faster than in any city in the country.
As a result, the region has the 2nd-lowest level of homes per sale in the country, and brokers say sellers are still fully in control of the market. Sales were up 20 percent across the county.
Seattle prices rising fastest in country
Seattle-area home prices are still rising faster than in any other major region in the country, according to the Case-Shiller home price index.
And other segments of the market are still on fire. Condo prices in Seattle surged 23 percent from a year ago, and the median now stands at $440,000.
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