Housing prices drop from spring peak as rental rates rise [Seattle]

MyNorthwest ^ | 9/10/2022 | Staff

[SaxxonWoods]

Seattle home prices are cooling down, but rental prices are continuing to rise as the region copes with rising mortgage rates and the continued effects of the COVID-19 pandemic.

According to new data released by Northwest Multiple Listing Service, (NWMLS) home prices in the Puget Sound region are still falling from their peak in the spring, but home prices are still higher than they were this time last year. In King County, the median single-family home is selling for just under $900,000, $750,000 in Snohomish County, and $550,000 in both Pierce and Kitsap Counties.

[SaxxonWoods]

FED already affecting real estate sales and prices, but we are still in a 10-year housing shortage so increasing rental rates are not a surprise, especially for rentals where the landlord pays utilities, which have risen.

[cableguymn]

I hear sidewalks in Seattle are pretty cheap living

[Starboard]

FED already affecting real estate sales and prices

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The next hike is shaping up to be 75 bp. The one after that will be at least 50 bp. Rising mortgage rates will eventually exert some downward pressure on home prices, perhaps more sharply than commonly expected. At the same time buyers are having to factor in the rising costs of utilities, home improvements/maintenance, and property taxes.

[dragnet2]

It’s the same old story, businesses and landlords just pass on their increasing expenses onto the citizens at the end of the line, where they’re not able to pass it on to anyone else. Those at the end of the line are screwed.

[Veto!]

My daughter and SIL sold gorgeous house in N. Idaho in the country at the peak. Really lucky timing. But perhaps homes in North Idaho will continue to sell at great prices to Seattleites escaping the city.

My neighbor took a wrong turn on the freeway last week and ended up in Coeur d’Alene, ID, could not believe there was SMOG in the air. Fastest growing city in the US and trees being torn down to put up crappy expensive houses jammed together. Everything charming is being wrecked. #%$#@

[CaliGirl]

It’s not smog, it’s smoke from all of the fires. I live in Post Falls and we are getting the same smoke.

[Tipllub]

Never got the whole McMansion thing.

[familyop]

Regulations against building, short term service jobs, outrageous prices for materials and hardware for new buildings,... It’s no wonder that buyers are shy.

[Starboard]

Coeur d’Alene, ID...Fastest growing city in the US and trees being torn down to put up crappy expensive houses jammed together. Everything charming is being wrecked.

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Happens everywhere there are nice places. The pleasantness attracts hoards of people who change the place (overbuilding, overcrowding, overpricing, higher taxes, etc).