Shoppers fighting over the few homes listed for sale in the Seattle area pushed up prices again in May, prompting fears of a fresh housing bubble, according to a new report.
The median sales price of a King County house in May was $417,500, up 15.3 percent from a year earlier and 4.4 percent from April, the Northwest Multiple Listing Service reported Wednesday. Seattle's median house price was $460,000, up 8.1 percent from a year earlier and 1.4 percent from April.
"We certainly can't sustain 15 percent annual price increases," said Glenn Crellin, associate director of the Runstad Center for Real Estate Studies at the University of Washington.
In a listing service news release, Frank Wilson, Kitsap district manager at John L. Scott Real Estate and branch managing broker for its Poulsbo/Kingston office, said: "We do not want a market that escalates too fast and topples again." Read more here.
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