Image: Nick Amoscato
According to the newest Case-Shiller index data, Seattle-area home prices were above the national average but rose just 0.2 percent from May. That's a big slow down from last time and another sign things might be leveling out a bit.
Redfin isn't convinced that prices won't keep going up, however. While the Redfin Housing Demand Index showed a fall in national home prices for the fifth-straight month, they still expect prices to rise 5.3 percent in September while sales will gain 10 percent YoY. They do, however, see demand continuing to decline month over month for the next few months, which would finally be some good news for buyers.
According to Zillow, the median Seattle-area single-family-home price in June is currently $352,100 while the Seattle-proper median price is $508,000. So while things might be slowing down in some respects, sellers are still in a pretty good place.
· Seattle-area home prices rise weakly in June [ST]
· Redfin July Forecasts Hit the Mark as Housing Demand Cools for Fourth Consecutive Month [Redfin]
· Do Falling July Home Prices Signal a Market Cooldown? [CS]