The statistics have been released for last month’s local housing market. Strong sales continue to whittle down a dwindling supply of homes. The lack of supply to meet demand kept driving home prices upward in September. While the Puget Sound area saw steady appreciation over a year ago, there are signs that that the frenzied level of growth may be starting to moderate – good news for a market that was starting to look unsustainable.
The Eastside continues to lead the region in home values. The median price for homes sold in September was $680,000, an increase of 12 percent over a year ago. Sales were up as well, with many homes selling within days of being listed. As a result, inventory is at historic lows, with only a six week supply available. That is far below the three to six months of supply that is considered to be balanced.
Home prices rose a moderate seven percent in King County as compared to last year. The median price for a single family home in September was $490,250. Areas farther from the urban core are relative bargains, with the median price in Southeast King County coming in at $344,975, and at $304,000 in Southwest King County. Inventory remained tight throughout the region, with just five weeks of available supply.