The local housing market continued its hot streak in December, with home prices reaching new highs. Sellers are reaping the rewards, while buyers are feeling the frustration of worsening inventory levels and the fear of rising interest rates.
PRICES CONTINUE TO RISE
Prices area-wide rose nearly 9.2% from a year ago, with the median price for single-family homes and condos sold in December at $343,950, up from $315,000 just a year ago.
|County||Median Price, Dec. 2016||Increase from Dec. 2015|
Condo sales slowed compared to a year ago, due in part to a sharp drop in inventory.
2017 is expected to see a continuing competitive market as fears of rising interest rates and continuing low inventory levels force buyers to get more aggressive.
The Seattle market in particular is expected to continue to perform well, even if interest rates rise. The booming local economy brings with it an unquenchable demand for housing, and new construction isn’t yet keeping pace.
Experts expect a higher number of new listings by mid-February as the spring market gets underway.
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