Buyers will be happy to know that they will have more time to make a decision to purchase a home, as compared to past years, as home inventory increases.
The median price for a residential home in King County increased by just over 3 percent between March and April, but dipped 4.83 percent compared to April 2018. Snohomish County’s median residential home price saw a 1.18 drop from last year at this time, with homes in Pierce County actually seeing an increase of just under 5 percent.
That came as King County saw a massive 78.5 percent growth in inventory over 2018, following closely by Snohomish County at 57 percent.
This all is a stark difference from Puget Sound’s booming seller’s market in past years, to one where buyers have more time to make decisions, and more options to choose from.
According to one estimate, mortgage rates are averaging just 4.4 percent for a 30-year fixed loan. That in turn has led to two demographics competing as buyers: Older homeowners trading down to smaller houses, and first-time buyers looking for value.
In the days ahead, price increases are still likely to continue slowing down compared to last year.