S&P Dow Jones recently released the Case-Shiller Home Price Index for August 2018, revealing that Seattle home price growth continues to slow. Up until just two months before that, Seattle led the nation in single-family home price gains for 21 consecutive months, but that run was ended as Las Vegas took over the lead.
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I am pleased to present a look at housing market trends for the third quarter of 2018, from the shores of Bainbridge Island’s waterfront homes and in-city living opportunities to the Eastside’s most distinguished residences.
After seemingly endless months of a frenzied real estate market in the Puget Sound region in which buyers faced anemic supply and highly competitive bidding wars, the latest Northwest Multiple Listing Service (NWMLS) press release reports that we are “finally returning” to a more balanced market, as “buyers welcome more choices, moderating prices.”
It’s been a time of some uncertainty in the Seattle real estate market, as buyers and sellers have felt wary of falling home prices, longer market times, and growing inventory. As a Seattle Times article from early September noted, “home prices are continuing to fall across an unseasonably cool Seattle real estate market, with homes that would have been snapped up in an instant just several months ago now sitting unsold.” August represented the third straight month of median home price declines in King County, with the countywide cost of a single-family home, at $669,000, down nearly $60,000 compared to May 2018.
Those searching for homes in Western Washington are now choosing “from the largest supply of homes in three years,” this according to the latest press release published by the Northwest Multiple Listing Service (NWMLS). As the report outlines, home price growth has slowed significantly, at 6.7 percent across all counties surveyed. This paired with inventory gains is alleviating some pressure on buyers in the market.