With bidding wars all around us, it's no wonder that home prices continue to be on the rise. The NWMLS seems to be singing their own personal version of "Everything Is Awesome" in their latest report, which shows home prices and sales both on the uptick.
The median price of King County homes hit $453K in June, a 6% increase from a year ago. Here in Seattle, the median price of homes sold was $499K, up almost 9% from last year. Head over to the Eastside and you'll get median home prices of $630K, up 6.5% from last June. Even in Southwest King County, where the median price was down around $266K, that's still 11% higher than last year.
According to John L. Scott Real Estate's J. Lennox Scott, 57% of Eastside homes sold in the first 30 days on the market while 68% of Seattle homes moved in the same timeframe. NWMLS director John Deely even remarked that "the market for homes priced at $1M and up around Seattle is experiencing pending sales volume at levels not seen since 2007." Clearly, nothing will ever go wrong ever, ever again...
· King County home prices up 6 percent over year [Seattle Times]
· Seattle housing market called 'strange,' home prices surging [PSBJ]
· June Reporting Roundup: Affirmations Edition [Seattle Bubble]