Seattle's 'strong, chaotic' housing market saw record-breaking price increases in May
Seattle's intensely competitive housing market continued to see record-breaking growth in May, and the summer season is looking to be just as hot as low inventory in the region persists.
A new report from the Northwest Multiple Listing Service found median sale prices for homes in the region soared 30% compared to a year ago, a new record high. In King County, the median home sale price hit $775,000 in May, up 23% from the same time last year. In Snohomish County, median prices hit $655,000, increasing nearly 35% year over year.
"Everything is about breaking records this past year with record-breaking housing prices, record-breaking low inventory, and record-breaking consumer savings rates during the pandemic," remarked Meredith Hansen, owner/designated broker at Keller Williams Greater Seattle. "All this equals a very strong, chaotic market that may not slow down for the next year."
Despite hopes in April that homebuyers could be getting some relief with more homes added to the market and moderating prices, listings remain lower than expected in May. The report found that active listings from April to May declined for the first time in 20 years, down 4,824 listings — or 46% — compared to last year.
https://www.msn.com/en-us/money/realestate/report-seattle-s-strong-chaotic-housing-market-saw-record-breaking-price-increases-in-may/ar-AAKROkM