The price of a median single-family home in King County, the home of Seattle, reached $650,000 in August, a 18.2 percent increase from the previous year.
The Seattle Times reports that last month was the hottest August on record, which dates back to 2000. Local real estate agents said that the spring rush simply extended into the summer this year, and that buyers are expected to remain competitive going into the fall and winter. Demand remains steady, according to the real estate agents, but supply continues to drop, forcing buyers to fight over the few listings that are available.
The county had just 2,800 homes for sale as of last week, the fewest at any point on record for this time of year. Inventory has been dropping nonstop for seven straight years, and is down nearly 18 percent from last year.
Rising prices in King County and Seattle, where the median price sits at $730,000, will push up prices in the surrounding counties in Northwest Washington.
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