Home prices in King County have jumped by $100,000 within a year for the first time, placing more of a crunch on homebuyers.
The average home price, according to Northwest Real Estate, is now $658,000.
For first-time homebuyers, that means they’ve got to put $20,000 more on a down payment than they did just a year ago.
Home prices in the last year, according to the Northwest market statistics, say this July has been the hottest the market’s been since records were kept in 2000, with prices up 18.6 percent from a year ago.
The higher prices mean the supply may not be there for people who want to buy.
“They’re reluctant to sell. And there’s a fear of what’s next – where’s our next chapter. For instance, if a retired couple is downsizing, well, there’s no home to go to,” said Aaron Gazes with Realogics Sotheby’s.
The average home that does hit the market is typically sold within a week.
Summer months typically see a dip in home prices, but that hasn’t quite happened in King County.
They also say one third of homes sold in King County in the last month sold for more than $1 million.
The median price in Seattle is just under $750,000 and the Eastside average home price is now at $860,000.