September Stats Preview: Sales drop over 25 percent from 2017 as listings continue to pile up

Home sales volume was at its lowest September level in six years for both King and Snohomish County last month, dipping over 22 percent from a year ago. As a result, the number of homes on the market hit its highest point since early 2012. Foreclosures are still at all-time lows…

Case-Shiller Tiers: Low tier home prices edged up in July as mid and high tiers slipped

Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller. Remember, Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties.

Only the low tier was up month-over-month once more in July. The middle tier and high tier both fell…

Case-Shiller: Seattle was the only market to see price declines between June and July

Let’s have a look at the latest data from the Case-Shiller Home Price Index. According to July data that was released today, Seattle-area home prices were:

Down less than 0.1 percent June to July
Up 12.1 percent YOY.
Up 34.7 percent from the July 2007 peak

Last year at this time prices were up 0.7 percent month-over-month and year-over-year prices were up 13.5 percent…

The difference between affordable and actual home prices hit an all-time record in May

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

The “affordable” home price has bounced around between about $550,000 and $590,000 since the beginning of 2017. The current “affordable” home price of $568,758 in King County would have a monthly payment of $2,319…

Low affordability may be why sales are stalling out

By popular request, let’s take a look at our affordability index charts for the counties around Puget Sound.

As of August, the affordability index has bounced up slightly from its May low (which was the lowest point since nearly a decade ago in July 2008), but still sits at the very low level of 85.0.

For context, eighty-six percent of the 306 months on record back through 1993 have had a higher affordability index than what we had in August 2018…

New listing absorption softens more as pending sales slip

I’ve got a few charts to update you with, but let’s start with a few charts that sum up the state of King County single-family listings, inventory, and pending sales.

After five or six years of the same story month after month—fewer listings, more sales, soaring prices—the market has definitely turned in 2018. Pending sales are now on the decline and inventory is rising rapidly. Let’s see what this looks like in charts…

NWMLS: Prices retreat slightly as inventory continues to climb

July market stats were published by the NWMLS yesterday. The biggest news is still the climb in inventory, which is up 256 percent from the all-time low that was set back in December. If the current trend continues (a big “if”), it’s entirely possible that by the end of this year inventory will be at its highest point since 2011.