Industry News

Seattle suburbs see home prices soar in July

Photo by Jose Medrano on Unsplash

Puget Sound Business Journal | Marc Stiles

Prices of single-family homes in the central Puget Sound region’s suburbs shot up in July, but bigger surges were seen in more remote locations.

[…] The number of new listings in the four counties increased 15.5% in July, as the combined number of pending and closed sales went up nearly 9%. Pending sales last month were the highest in 10 years, according to Lennox Scott, chairman and CEO of John L. Scott Real Estate.

“The combination of the huge backlog of home buyers and being virtually sold out of inventory makes it feel like it’s multiple-offer-everything,” said Scott, who called this “a historic moment in residential real estate.”

Read the full story here: Seattle suburbs see home prices soar in ‘fear-of-missing-out’ market

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