Seattle Housing Market Trends
There have been significant news reports about the housing market in the media lately. Most of the reports focus on falling prices, increasing foreclosure rates and rising inventory, but at a national level. Locally, how has Seattle fared?
In November, Seattle’s residential median price of $405,000 reflected a 2.2% increase over October, but a 4.7% decrease compared to the same period last year. As the graph below shows, the median price has been underperforming for the past few months.
In reviewing month over month figures, the single family home median price has stabilized while condominiums have declined the past two months. However, when compared to last November, both single family homes and condos saw higher median prices in November 2007, increasing 3.3% and 2.5%, respectively.