Don’t Hold Your Breath for a Drop in Home Prices
There are certain things worth waiting for, but Seattle home prices to drop isn’t one of them. According to RealtyTrac, a national company that examines housing data, while Seattle wages continue to see steady gains, home prices are outpacing them by about three times. This means that it takes almost 34 percent of the median income to buy a median priced home in Seattle right now.
When asked about this trend, OB Jacobi, president of Windermere said, “Home prices in Seattle, especially in the core areas near the city, are becoming increasingly less affordable. As long as buyer demand outpaces seller supply, it is unlikely Seattle will see any improvement in affordability in the foreseeable future.”
But these conditions aren’t unique to Seattle. According to RealtyTrac, home price appreciation has outpaced wage growth in 76 percent of U.S. housing markets.
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