Categorized | Residential

Seattle Reports a Decrease in Home Prices, but an Increase in Sales

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According to the July reports, Seattle’s real estate market is shown some signs of stabilization. Although the average home price declined over the month’s time, there was a strong increase in the number of homes that were purchased by buyers. In fact, in King County alone, there was a fourteen percent year over year increase in the number of homes sold.

Other counties, such as Snohomish and Pierce County, also saw tremendous gains in the number of homes sold. Snohomish County had a twelve percent increase, and Pierce County reported an astounding twenty five percent increase in the number of homes sold.

Despite the good news regarding the number of homes sold, some analysts are not quite so upbeat, as they believe that last July’s sales were artificially low. Last July marked one of the first months where there was no federal homebuyer tax credit due to its expiration.

Although some aren’t so quick to celebrate the numbers, the increase in sales is very much welcome to lenders, brokers, and realtors. With the housing market across the country still in complete disarray, any positive signs of potential stabilization and growth have to be taken as good news.

For Seattle, the real test will be how home sales and prices perform in the coming months. If there is some consistency in sales, then the city may be inching its way out of the real estate crisis. There is hope among lenders and realtors that home prices begin to increase once again, as that, too, will be a strong indication of good times to come.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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