Report: Supply problems make real estate headaches for buyers in Puget Sound
According to the latest report from the Northwest Multiple Listing Service, experts are finding many potential home-buyers are expanding their search beyond the major job centers in King County as a result of the crunch on supply in the month of August.
System-wide the 23 counties serviced by the MLS have less than two months of supply — a number that drops to 1.6 months in the four-county Puget Sound region. Year-over-year, that looks like a 13% drop in supply system-wide, and an 18.5% drop in King County.
Within King County the median sales price has held steady at $760,000 for single-family homes, and areas outside King are becoming a draw for more affordable prices.
"Areas immediately outside the Puget Sound region and along the I-5 corridor continue to see double-digit house price growth," noted James Young, director of the Washington Center for Real Estate Research at UW. "[It's] due to first-time homebuyers who struggle to afford housing in King and Snohomish counties as well as from existing homeowners cashing out of Seattle and King County."
https://www.msn.com/en-us/news/us/report-supply-problems-make-real-estate-headaches-for-buyers-in-puget-sound/ar-AAH8M8D