Two weeks after housing inventory turned negative, home prices posted a healthy increase, MarketNsight said. 

First-timers made up 45% of buyers in 2022 and 37% in 2021.

High mortgage rates and limited inventory continued to weigh on sales activity, National Association of REALTORS®Chief Economist Lawrence Yun said. 

Agents from Windermere Real Estate and Realogics Sotheby’s International Realty were responsible for a majority of the most expensive new listings from the past month.

Over 115,000 apartments could join the Seattle housing market, according to the Q2 2023 Construction Pipeline report from Berkadia.

Single-family home permits and completions, meanwhile, also rose, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

A new report from Point2Homes illustrates just how much living space a person must give up to make the switch from renting to owning while maintaining the same housing budget.

From June to July, the median monthly rent for a one-bedroom apartment fell 2.3% to $1,905 in Seattle.

Seattle ranked as the 10th-most expensive city on the list, with the typical homebuyer in the area needing to spend $232,530 during the first year of homeownership.

Of survey respondents who made a wedding registry in the past two years, 85% said they would have preferred to receive money they could have used towards a down payment, mortgage payment or other associated homebuying costs.

The industry group issued its housing-market forecast along with its monthly Pending Home Sales Index for June. 

The Emerald City ranks No. 5 in the country when it comes to housing development over the past 10 years.

Luxury views are on the menu with this month’s batch of the most expensive new listings for sale in the Emerald City.

Back in 2018, Freddie Mac stated that the country still needed about 2.5 million extra homes in order to meet demand. Then the pandemic homebuying boom depleted already-low inventory levels and high mortgage rates in the second half of 2022 chained many homeowners to their existing low rates.

The median existing-home price for all housing types in June rose to $410,200, 0.9% less than the all-time high of $413,800 reached in June 2022, the National Association of REALTORS® said. 

Low inventory and high demand are buoying builder sentiment in the face of several headwinds.