Seattle looks toward bright economic outlook
Home values across the country are rising, but Seattle’s double digit rise proves the metropolitan area's economy is in high swing. According to the Northwest Multiple Listing Service cited by The Seattle Times, home prices in King County increased by 10.1 percent, which is the highest hike since 2007. Real estate in Seattle, WA sold last month for an average of $380,000 for a single-family home.
Experts believe the rise is likely to last an extended period of time making now an ideal time to purchase a property, according to the Seattle Post Intelligencer. June is the third month in a row that the area saw a property value increase, and was also the month when these values rose the most.
An increase in median home prices is a bright sign. Several communities and nearby towns with homes of diverse price ranges saw these upticks in costs. A few of the major areas that contributed to the spike were home purchases in low-priced Auburn, mid-level Shoreline, and higher-end Redmond, which all saw an increase of 20 percent or more.
In February, foreclosed and lower-end homes made up roughly 23 percent of the houses sold on the market, but in June only included 10 percent.
Another factor contributing to rising costs is the city of Seattle. Because of the immense amount of employment options and beautiful cityscape, homeowners are sticking with their property, making the demand for homes much higher than it is in other metropolitan areas.
However, people are still out on the market and buying, even more so than they have since August 2007. In June, 2,117 homes were closed throughout King County, which is a 3 percent increase since May. The number is a 12 percent increase since June 2011.
Home sales in June, which are traditionally ranked high, were exponentially positive this year. June 2012 showed better statistics than any month in six out of the past eight years, and continued strong sales and increased values are expected.
"The seasonally adjusted data were also largely positive, a possible sign that the increase in prices may be due to more than just the expected surge in spring sales," Chairman of S&P Indices' Index Committee, David Blitzer, said in a news release.