As of February, the monthly payment for the median-price single-family home sold in King County at current mortgage rates was $3,945. The good news: This is down from an eye-watering $4,758 in October. The bad news: It’s up dramatically from just a year prior, and 59% higher than what we saw at the peak of the previous housing bubble…
Let’s check up on what’s happening with the Seattle-area housing market in early 2023, shall we?
Since we’ve been gone for so long, I thought I’d start back up with somewhat of an overview post. Let’s just take a look at what’s going on in the Seattle-area (King County) housing market recently.
One of the biggest topics on everybody’s mind lately is home prices, so let’s start there…
The “affordable” home price has shot up from $530,359 in November 2018 to an all-time high of $706,800 as of August. The current “affordable” home price in King County would have a monthly payment of $2,365…
It’s been quite a while since we’ve had a look at our affordability index charts for the counties around Puget Sound, so let’s have a look at those charts…
As promised yesterday, here’s an updated look at the “affordable home” price chart.
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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…
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…