Basic Economics

In February, median single-family home prices in Seattle jumped 24% over February 2015 to $644,950 and King County’s median single-family home price increased 20% from a year ago to $514,975. These prices are well in excess of the median single-family home prices prior to the economic meltdown nearly a decade ago. The dramatically increasing housing prices are only a symptom of the affordability crisis. The underlying cause is a lack of supply. Some people believe that housing markets are not driven by supply and demand – they are wrong. When demand exists and supply is scarce, prices go up. When there is demand and very scarce supply, prices go up a lot. Basic economics.

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Brokers say home buyers are back, but they’re choosy

Home buyers are back, and they’re savvy and selective, according to officials who commented on the latest statistics from Northwest Multiple Listing Service. For sellers, that means pricing a home correctly at the start is vital.

The new report summarizing October activity shows year-over-year gains in new listings, pending sales, closed sales and prices. Northwest MLS members reported 8,643 pending sales last month, which is up nearly 6.9 percent from twelve months ago when members reported 8,086 mutually accepted offers. Most of the increases are from sales of single family homes, which rose more than 7.8 percent while condo activity was flat with less than a 1 percent rise in sales.