*Synced from Seattle and Real Estate Average single-family home prices in the Seattle area (King, Snohomish, and Pierce counties) remain up from a year ago, having grown 6 percent from September 2013, but have now fallen on a month-to-month basis for the seventh straight month, according to data released today from the S&P/Case-Shiller Seattle Home Price Index. Average prices dropped by 0.2 percent from August to September, whereas they saw no change from July to August.
Since the market’s peak in 2007, we’ve seen the highest highs followed by the lowest lows after the housing bubble burst, but now the market appears to be stabilizing. In an article in The Seattle Times, Zillow Chief Economist Stan Humphries was quoted saying, “The days of double-digit home value appreciation continue to rapidly fade away as more inventory comes on line, and the market is becoming more balanced between buyers and sellers.”
Nationally, both the 10- and 20-city indices saw no change in average prices from August to September, and the U.S. market as a whole saw only a slight increase of 0.1 percent. S&P Dow Jones Committee Chair David Blitzer also predicts stability for the market in the coming year, telling The Times, “With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better.”
If you are interested in buying or selling a home in the Seattle area, contact your local real estate agent today.
