Weekly Market News + Event Guide | Market Analysis 4.6.23

Market Analysis

According to an article authored by Bill Kaczaraba on MyNorthwest.com, Seattle is in a housing market that’s in transition. Home prices are down year-over-year and up in King County, but down modestly in Pierce and Snohomish. Looking at home prices year-over-year doesn’t tell the whole story and that comparing this month to the next is a better way to look at it.

There are a lot more homes for sale than there have been in the last several years, up almost 200% in Puget Sound. However, if you go back to the last pre-covid year when there were homes available for sale, they are actually still down by more than 30%.

Economists’ prediction of the latest job market numbers was one of the biggest misses we’ve had in a long time. Employers added 517,000 jobs in January as hiring unexpectedly surged despite high inflation. Job growth serves as a proxy for housing demand because regions with growing economies will naturally attract new residents who need housing. If the supply of new homes cannot keep up with that influx, the homes that do exist will become prohibitively expensive, especially for lower-wage households.

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Compass is a licensed real estate broker. All material is intended for informational purposes only and is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description or measurements (including square footage). This is not intended to solicit property already listed. No financial or legal advice provided. Equal Housing Opportunity. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions.