Okay, let’s get again to the information. It’s about time. Okay, it’s well past time. Anyway, no matter. Right here’s some knowledge. 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 properties as of July. In a phrase: Up.
It’s a bit troublesome to essentially recognize simply how a lot house costs are rising proper now when wanting on the uncooked greenback values, so right here’s the year-over-year change for every of our eight counties:
Dwelling costs are rising double digits in each Puget Sound county besides Island and King, the place they’re nonetheless up 7-8% from a 12 months in the past. If homebuyers have been hoping or anticipating that the pandemic would result in some good house offers, they’re little question very upset thus far.
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 properties 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 prepared to purchase, even within the midst of a world pandemic, and even when house costs are rising so shortly.
Loopy-low mortgage rates of interest are in all probability at the very least partly accountable, however even that solely goes thus far to explaining the madness of the present market. We’ll proceed exploring this matter within the weeks and months to come back, for positive.