By AUBREY COHEN, SEATTLEPI.COM STAFF
Published 06:16 p.m., Thursday, April 5, 2012
Seattle house prices rose for the second month in a row in March, the Northwest Multiple Listing Service reported Thursday. One reason is an extremely low supply.
The median sales price for a Seattle house that sold in March was $397,000, up 3.1 percent from a year earlier, after a 2.8 percent rise in February. March’s median was up 8.8 percent from February’s, although seasonal fluctuations can complicate monthly comparisons.
King County’s median price, $330,000, was down 4.35 percent from a year earlier but up 7.1 percent from February. Read the entire article here>
Sam DeBord – SeattleHome.com
The total number of new homes for sale in the U.S. hit its lowest point on record in January, creating a stronger seller’s market for home builders and rising new construction prices. The lack of construction for the past few years has created a dearth of available new homes in many parts of the country, and most undeveloped and partially-developed land sits stagnant as lending for new construction remains tight.
The inventory of new homes fell to a 5.6 month supply. At the same time, new home prices increased by 0.3% and new home sales rose 3.5%, as compared to the previous year at this time. While new households have been created at a consistent rate during the past five years, there has been little construction to compensate, and the market is likely to continue tightening in terms of inventory and rising in terms of prices. Read entire article>