Puget Sound Area shows falling prices in June. Is it the time to buy?

Posted on July 7th, 2008 by Al Lorenz

From the Northwest Multiple Listing Service (NWMLS) and the Seattle Times comes this article.   The median price declined 6% in June amidst sales that surged to the highest level since last August.

An 18 percent increase in houses and condos for sale last month, compared with a year earlier, meant a 6.7 month supply of available homes throughout King, Snohomish, Pierce and Kitsap counties.

A year earlier, that supply was just shy of four months. A six-month supply is considered “balanced, equally favoring buyers and sellers.

In King County last month, the house and condominium markets were markedly different. Sales of detached houses were down 27 percent compared with a year earlier and the median sales price was down 4.3 percent to $449,700. There were 25.4 percent more houses on the market than a year earlier.

King County condos, on the other hand, saw their median sales price rise 5.3 percent year-over-year to $295,000. However sales declined 45 percent while listings increased 40.5 percent compared with the previous June.

Getting move-up buyers to actually commit is a challenge, says Windermere agent Tim Lenihan. – Seattle Times

While many buyers seem to be waiting to see if prices fall even more, with mortgage rates trending up even a small increase in mortgage rates could, as far as any payment levels are concerned, wipe out any additional reductions that may be seen in prices. 

What do you think, is this the time that folks are going to look back and say that the perfect nexus of relatively low mortgage rates and prices existed?  Is this the time to buy?  Please comment!

Share This Post

Tags: General Interest, Marketing // 1 Comment »

One Response to “Puget Sound Area shows falling prices in June. Is it the time to buy?”

  1. geordieromer // Jul 8, 2008 at 8:41 am

    I’ve posted 2nd Quarter stats for Leavenworth and Lake Wenatchee at MyLeavenworth.com

    http://www.myleavenworth.com/2008/07/leavenworth-real-estate-update-spring.html

    The number of sales is down drastically YOY and appreciation has flattened.

    What has Chelan been like this Spring?

Discussion Area - Leave a Comment

You must be logged in to post a comment.

« »