Last month, we learned Seattle-area home prices were approaching 2007 peak numbers. Today comes news that July 2014 Seattle median home prices blew past those previous highs.
The median price of single-family homes sold in Seattle rose last month to $543,500, blowing away the last peak of $501,000 set in August 2007 — before the housing bubble burst and the country went into the Great Recession. On the Eastside, the median price of single-family homes sold in July was $624,900, just 2.6 percent off its peak of $640,975 set in May 2007.
You can't talk about 2007 peak numbers without wondering about any kind of impending bubble. The aptly-named Seattle Bubble even notes that agents in the NWMLS release actually saying they're "not seeing signs of a bubble" is exactly the kind of thing one says right before a bubble bursts. So...fingers crossed.
So what's driving these price jumps? In spite of the fact that there are 1,550 more residences on the market compared to July 2013, availability still isn't meeting demand. Low employment numbers and the ongoing influx of tech workers has to be factored in as well.
· Seattle median home price leaps past 2007 peak [ST]
· Still too tight: Limited number of Seattle houses for sale drives prices higher [PSBJ]
· Seattle-Area Home Prices Approaching 2007 Peak Levels [CS]
· NWMLS: Inventory Inches Up as Home Prices Near Peak [SB]