Slowing in the Seattle Area Housing Market

In King County, the September 2015 vs 2014 median sale price of homes and condos rose 4.75% compared to the August 2015 vs 2014 increase of 13.25%. So, although prices are still going up, the rate of increase (momentum) is slower. Similar trends were observed in Snohomish County which had a September 2015 vs 2014 increase of 7.5% compared to the August 2015 vs 2014 increase of 12.2%. Also Kitsap County had a September 2015 vs 2014 increase of 4% compared to the August 2015 vs 2014 increase of 7%. The fourth county in the area, Pierce County, countered the trend, with a September 2015 vs 2014 increase of 11% compared to the August 2015 vs 2014 increase of 6.4%.

The median price of homes an condos in the 4 counties were:

• King County                $440,000
• Snohomish County    $333,375
• Kitsap County             $260,000
• Pierce County              $249,950

Some of the issues facing the area are low inventory and new rules for mortgage closings and the level of housing affordability. The new banking and closing disclosure requirements are expected to lengthen closing times, as well.