Economics 101 teaches that prices should drop when the supply increases dramatically, but the Seattle area's housing market keeps confounding that conventional wisdom. Prices of King County houses and condominiums last month increased 9 percent compared to a year earlier -- even while the number of available properties grew 51 percent. Likewise, the number of homes for sale was up 57 percent in neighboring Snohomish County and 47 percent in Pierce County, according to July numbers released Monday by the Northwest Multiple Listing Service. This continues a trend that has persisted for several months. Yet … (0 comments)
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Interesting Article from the Seattle Times on Tuesday, August 7, 2007;)
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