LOCAL NEWS

Report: Seattle housing market continues downward trajectory

Feb 26, 2019, 2:19 PM | Updated: 4:44 pm
Seattle housing prices, inventory, relief...
A Redfin real estate yard sign is pictured in front of a house for sale in Seattle, Washington. (Photo by Stephen Brashear/Getty Images for Redfin)
(Photo by Stephen Brashear/Getty Images for Redfin)

According to the latest report from the Case-Shiller home price index, the Seattle housing market cooldown is continuing full steam ahead.

RELATED: King County home prices down for first time since 2012
RELATED: Economist says Seattle’s slow housing market only a blip

Home prices in the Seattle metro area fell by 0.6 percent month-over-month in December, while year-over-year prices grew 5.1 percent, the smallest margin since 2012. Additionally, that 5.1 percent growth is roughly consistent with the national average of 4.7 percent.

Diving deeper into the numbers, price growth for the area’s most expensive houses (over $620,000) saw an increase of just 3 percent, while prices for the least expensive homes (under $390,000) grew 9 percent. Home prices between $390,00 and $620,000 went up 5 percent.

Essentially what we’re seeing is people getting priced out of more expensive areas in Seattle and Bellevue, flooding more affordable markets in Pierce and Snohomish Counties, and in turn, driving up prices in those cheaper markets.

Available, unsold homes in those expensive markets almost doubled from the previous year as a result.

The median price for a home in King County in January was $610,000, $455,000 in Snohomish County, and $330,000 in Pierce County.

King County’s median prices decreased year-over-year from $628,388 in 2018. Snohomish saw an increase from $450,000 last year. Pierce County’s home prices are also up from $312,925.

The drop in King County is the first year-over-year decrease in the area since 2012, while interest rates have hovered near a nine-year low according to the Northwest Multiple Listing Service.

Local News

trash...
MyNorthwest Staff

Kent seeks refunds for missed trash pickups as collection resumes for Western Washington

Trash collection worker solidarity strikes ended Tuesday for Western Washington as Republic Services ratifies a new contract with Teamsters.
1 day ago
COVID-19 deaths, Snohomish County...
KIRO Newsradio Newsdesk

‘Occupancy is virtually 100%’: Just one available ICU bed in all of Snohomish County

As of Tuesday morning, there is only one intensive care bed available in all of Snohomish County, as hospitals continue to feel the strain.
1 day ago
King County COVID...
Nick Bowman

King County COVID cases finally trending down, but ‘we’re not out of the woods yet’

After soaring to record numbers in January, COVID-19 cases in King County appear to finally be trending in a downward direction.
1 day ago
Rumors camps...
Nick Bowman

UW expert: False rumors about forced quarantine for unvaccinated were ‘strategically amplified’

Rumors claiming that the state would soon be setting up forced quarantines for the unvaccinated spread like wildfire in recent weeks.
1 day ago
vaccination...
MyNorthwest Staff

New mass COVID vaccination site opens in Snohomish County

A new indoor COVID-19 vaccination clinic opens at the Everett Mall on Tuesday, and Snohomish County says a mass testing site is coming soon.
1 day ago
Washington ferries...
MyNorthwest Staff

Washington ferries move ‘most routes’ to alternate schedules amid ongoing crew shortages

Washington state ferries have continued to deal with delays, staffing shortages, and reduced routes to kick of the new year.
1 day ago

Sponsored Articles

...

Compassion International Is Determined to ‘Fill’ a Unique Type of Football ‘Stadium’

Compassion International SPONSORED — During this fall’s football season—and as the pandemic continues to impact the entire globe—one organization has been urging caring individuals to help it “fill” a unique type of “stadium” in order to make a lasting difference in the lives of many. Compassion International’s distinctive Fill the Stadium (FtS, fillthestadium.com) initiative provides […]
...

What are the Strongest, Greenest, Best Windows?

Lake Washington Windows & Doors SPONSORED — Fiberglass windows are an excellent choice for window replacement due to their fundamental strength and durability. There is no other type of window that lasts as long as fiberglass; so why go with anything else? Fiberglass windows are 8x stronger than vinyl, lower maintenance than wood, more thermally […]
...

COVID Vaccine is a Game-Changer for Keeping our Kids Healthy

Snohomish Health District SPONSORED — Cheers to the parents and guardians who keep their kids safe and healthy. The dad who cooks a meal with something green in it, even though he’s tired and drive-thru burgers were tempting. The mom who calms down the little one who loudly and resolutely does NOT want to brush […]
...
Experience Anacortes

Coastal Christmas Celebration Week in Anacortes

With minimal travel time required and every activity under the sun, Anacortes is the perfect vacation spot for all ages.
...

Delayed-Onset PTSD: Signs and Symptoms

Lakeside-Milam Recovery Centers SPONSORED — You’re probably familiar with post-traumatic stress disorder. Often abbreviated as PTSD, this condition is diagnosed when a person experiences a set of symptoms for at least a month after a traumatic event. However, for some people, these issues take longer to develop. This results in a diagnosis of delayed-onset PTSD […]
...

Medicare open enrollment ends Dec. 7. Free unbiased help is here!

Washington State Office of the Insurance Commissioner SPONSORED — Medicare’s Open Enrollment Period, also called the Annual Election Period, is Oct. 15 to Dec. 7. During this time, people enrolled in Medicare can: Switch from Original Medicare to a Medicare Advantage plan and vice versa. Join, drop or switch a Part D prescription drug plan, […]
Report: Seattle housing market continues downward trajectory