“For the fifth month in a row, home prices in the Seattle area rose faster in June – 6.5%, year-over-year – than any of the nation’s other top 18 metro areas,” according to the Seattle Times. Specifically, King, Pierce, and Snohomish county have topped national price growth averages for eight months straight.
Prices have shot up due to the major imbalance between number of homes for sale and a swell of interested buyers. In the Seattle metro area, prices rose 9% year-over-year among homes that sold for less than $448,069. For homes more than $670,317, prices rose more slowly at 5% compared to last year.
All in all, we are seeing younger buyers be the predominant factor that is driving majority of the housing market these days. Interest rates are below 3% and across all generations, only millennials are taking out more for-purchase loans in comparison to last year.
To read the full Seattle Times article, click here.