Affordable-Home-Prices_2016-05

Record-High Home Prices Are “Affordable” Thanks To High Incomes and Low Rates

As promised in yesterday’s affordability post, here’s an updated look at the “affordable home” price chart.

The “affordable” home price hit an all-time high of $551,493 in May, thanks to increasing incomes and decreasing mortgage interest rates. The “affordable” home price of $551,493 in King County would have a monthly payment of $2,006.

If interest rates were at a more reasonable level of 6 percent (which is still quite low by historical standards), the “affordable” home price would be just $382,986—about $103,000 lower than it is today.

Affordability-Index_2016-05

Low Rates Continue To Prop Up Affordability

It was recently requested that I take a refreshed look at the affordability stats, so here’s an updated look at our affordability index charts for the counties around Puget Sound.

As of May, affordability is still not great for home buyers, but it would be much, much worse if not for the current absurdly low interest rates.

KingCoSFHPending2016-05

NWMLS: Strong Demand As Pending Sales Hit All-Time High

May market stats were published by the NWMLS yesterday.

Pending sales of single-family homes in King County hit an all-time high in May. This does not bode well for buyers hoping for any sort of relief from stiff competition and fast-rising prices. Inventory did increase month-over-month, but barely.

Preview_2016-05_Warranty-Deeds

May Stats Preview: Another Terrible Month for Buyers

This post is a little tardy, but I wanted to make sure these charts were posted nonetheless. I’ll post yesterday’s NWMLS numbers a little later this morning. First up, here’s the snapshot of all the data as far back as my historical information goes, with the latest, high, and low values highlighted for each series: […]

Case-ShillerHPI_MOM_2016-03

Case-Shiller: Seattle Home Prices Surpass 2007 Peak

Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to March data that was released today, Seattle-area home prices were: Up 2.4 percent February to March Up 10.8 percent YOY. Up 0.4 percent from the July 2007 peak Over the same period last year prices were up 2.3 percent […]

KingCoSupplyVsDemand2016-04

NWMLS: Home Prices Hit Another Record as Sales Slow

Get access to the full spreadsheets used to make the charts in this and other posts, as well as a variety of additional insider benefits by becoming a member of Seattle Bubble. April market stats were published by the NWMLS yesterday. Before we get into our monthly stats, here’s a quick look at their press […]

Preview_2016-04_Warranty-Deeds

April Stats Preview: Supply Increasing, Demand Decreasing

With April behind us, let’s have a look at our monthly stats preview. First up, here’s the snapshot of all the data as far back as my historical information goes, with the latest, high, and low values highlighted for each series: Inventory is still extremely low, but in King County the month-over-month increase was the […]