Housing Market Highlights – Seattle and U.S. August 2013

Filed in How's the Market by on August 6, 2013 0 Comments

The Northwest Multiple Listing Service (NWMLS) came out with its monthly update today for the 13 member counties, with numbers showing that the local real estate market stayed strong in July 2013.  Here are some highlights:

July 2013 Seattle Area Real Estate Trends:

Pending home sales:  9,565 – Up 13.6 percent year-to-year.

Closed home sales:  7,772 – Up 27.5 percent year-to-year.

Median closed sales price:  $282,363 – Up 10.8 percent year-to-year.

Total active listings:  25,272 – Down 5.5 percent year-to-year.

Housing Inventory:

King County inventory is at 1.5 months, meaning that if homes continued to sell at the current pace and no new listings were added the inventory would be depleted in that amount of time.  Snohomish County is at 1.6 months of inventory.  Anything under 3 months of inventory is generally considered a seller’s market.

Houses vs. Condos:

Median closed house prices in July 2013:

– Up 9.9 percent year-to-year in the NWMLS 13-county area, and up 15.7 percent (at $434,000) in King County year-to-year.

Median closed condo prices:

– Up 16.8 percent year-to-year in the NWMLS area.

National Home Price Trends:

Nationwide, home prices rose 1.9 percent from May to June of 2013, and were up 11.88 percent year-to-year in June, according to today’s report from CoreLogic, a data and analytics company.

What to Expect:

As home prices rise, more would-be sellers will be able to put their homes on the market without selling short, so it’s reasonable to expect the low inventory situation to slowly improve.  At the same time, interest rates are expected to rise further, which will push some buyers out of the market.  The market tends to be a bit slower during the summer months, but those summer numbers don’t get reported until the fall – so, expect the fall reports to start talking about a slightly less heated market.  Ironically, we usually experience an uptick in market activity during the fall right around the time those reports are making the headlines.

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About the Author ()

Irene Nash has been representing Seattle and Eastside home sellers and buyers in real estate since 1999. She and her husband Mike specialize in straightforward communication and providing top-notch staging and photography for every home listing.

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