King County Homes Prices Up 7% in July

As we’ve mentioned a few different times, King County Home Prices are on the rise, and according to the Seattle Times, the stats for July are all up across the board too. Last month, King County home prices rose 7.2% compared to July 2011, making this the fourth straight month in a row to see an increase. While the rise continues, July didn’t see as big of an increase as June had; with the median home price listed for $375,250 in July which was about a 1% drop from June.
There has also been a drop in inventory of homes on the market, which is a huge factor. According to the Times, inventory in King County is the lowest it’s been since 2006, and the number of potential buyers vs. sellers is playing a huge role in the market. More people are opting to rent to avoid costly mortgage debt, as they’ve seen more frequently than before. One thing is certain, the confidence in buyers in Seattle is spreading, and sales could have even possibly been higher if the lack of inventory were higher.