Seattle Home Sales Showed Surprising Decline in November

Seattle, Washington

Seattle

Seattle home sales surprisingly declined in November for the first time in 29 consecutive months. Peoples Home Equity finds that the Seattle real estate may be showing an opportunity for the high number of employed first-time home buyers to enter the market on recent weakness.

According to DQNews.com, on January 2nd, total Seattle home sales declined -3.10% in the month of November. The great weakness came from the slump in new home sales which declined -16.80% for November.

Resale homes declined just -3.90% while resold condo actually saw an impressive increase of 13.6%. For each category of homes, there was a subsequent reaction in median home prices. New homes saw a monthly median price decline of -2.86%, resold homes a decline of -2.45%, and resold condos saw an increase of 2.68%. Year-over-year the discrepancies are even great in median price changes. New homes have seen a 14.3% year-over-year rise, while resold home have experienced on a 6.4% rise. Meanwhile resold condos are currently showing a 22.9% year-over-year rise in median prices.

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