Okay, let’s get again to the info. It’s about time. Okay, it’s well beyond time. Anyway, no matter. Right here’s some information. Because it’s been some time, let’s begin with a couple of high-level stats from across the Puget Sound.
First up: Median costs of single-family houses as of July. In a phrase: Up.
It’s a bit troublesome to actually admire simply how a lot house costs are rising proper now when trying on the uncooked greenback values, so right here’s the year-over-year change for every of our eight counties:
House costs are rising double digits in each Puget Sound county besides Island and King, the place they’re nonetheless up 7-Eight% from a yr in the past. If homebuyers had been hoping or anticipating that the pandemic would result in some good house offers, they’re little doubt very disenchanted up to now.
So why are costs rising a lot? Nicely, this will have one thing to do with it:
Bear in mind, “months of provide” is the ratio between closed gross sales and the variety of houses available on the market on the finish of the month. We’re not fairly at all-time lows, however each single county did see its lowest July on report for the measure. In different phrases, there are nonetheless loads of homebuyers on the market keen to purchase, even within the midst of a worldwide pandemic, and even when house costs are rising so shortly.
Loopy-low mortgage rates of interest are most likely no less than partly responsible, however even that solely goes up to now to explaining the madness of the present market. We’ll proceed exploring this matter within the weeks and months to come back, for certain.