Economists warn of recession as Seattle exports tumble<\/a><\/strong><\/p>\n\u201cThis increase in the availability of homes for sale and the softening of home prices indicates the region is experiencing a re-balancing of housing market trends,\u201d said Selma Hepp, an economist with Cotality.<\/p>\n
The median home price in June rose slightly to $670,000 \u2014 up 1.5% from May and 3.1% from a year ago. High-cost counties included San Juan ($1,035,000), King ($913,563), and Snohomish ($775,000), while Columbia, Adams, and Ferry posted the lowest median prices in the state.<\/p>\n
Despite high mortgage rates averaging 6.77%, the number of closed sales in June climbed 1% year-over-year to 6,694. Sales rose 3.5% month-over-month.<\/p>\n
\u201cThe continued anticipation of inflation and concerns about increasing government debt suggests that mortgage interest rates are not likely to go down any time soon,\u201d said Steven Bourassa, director of the Washington Center for Real Estate Research.<\/p>\n
Some counties posted significant spikes in closed sales, including Adams (+55.6%), Columbia (+33.3%), and Lewis (+29.7%). Kitsap, Snohomish, Thurston, Pierce, King and Skagit counties recorded the lowest months of inventory, suggesting ongoing competition in those markets.<\/p>\n
\u201cAs prices moderate, opportunities open up for buyers who have been priced out, which may help stabilize the home market,\u201d Hepp said.<\/p>\n","protected":false},"excerpt":{"rendered":"The boost in inventory signals a potential shift toward a more balanced market, analysts said. SEATTLE \u2014 Active…\n","protected":false},"author":3,"featured_media":42612,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[64,135,67,132,68],"class_list":{"0":"post-42611","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-united-states","11":"tag-unitedstates","12":"tag-us"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114804700203218147","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/42611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=42611"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/42611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/42612"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=42611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=42611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=42611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}