Last week's economic news includes several reports about housing markets.The S&P Case-Shiller 10 and 20 city housing market indices, the FHFA House Price Index, New Home Sales and Pending Home sales reports suggest that the national housing market continues to grow, but at lower rates.
Compared to last year, new home sales have risen by 28%. The average price of a new home has also risen by 17%. As the number of new homes being constructed has decreased, the Seattle real estate market has shifted towards becoming a seller’s market.
The shrinking national new home inventory suggests that builders have not continued to build without a sufficient number of buyers. Today’s home supply would sell out in four and a half months. A home supply below six months signifies a seller’s market, and the current market is well below that level. Homebuilder confidence has been increasing and the Seattle real estate market forecast shows that prospective buyers are still at their highest point in years, due to low rates and affordable home choices.
With a seller’s market that is only getting stronger, it may be beneficial to move up your time frame if you are thinking about purchasing a new home. Contact Sammamish Mortgage with any questions about the Seattle real estate market forecast, and learn how to avoid common problems during your move in the useful article, Top 10 Relocation Headaches.