Seattle area homes prices soar even as more houses hit the market

photo: Puget Sound Business Journal

Marc Stiles | Puget Sound Business Journal 

Home buyers in the Puget Sound region finally have some good news on the supply side, but demand continues apace, sending prices ever higher.

The number of houses and condos new to the market last month surged nearly 10 percent over April 2017 in the four-county metro area. Demand also went up, with the number of closed and pending sales rising 2 percent.

…Eventually higher interest rates will moderate price increases, but the market isn’t to that point yet, said John L. Scott Real Estate CEO Lennox Scott. He thinks the market will tie and maybe break the 20-month home price appreciation record for a U.S. metropolitan region for the Case-Shiller index as spring becomes summer.

Seattle area homes prices soar even as more houses hit the market – Puget Sound Business Journal