Seattle Case-Shiller Numbers:
You all know I love the Case SHiller index. The numbers reported Tuesday are pointing once again to a recovery in the Seattle housing market. Thou prices are down about 12% over the last year; they have only dropped about 2% since February and have remained flat since March.
Nationally, the index points to a 3% increase since March.
For over a year the housing market locally has be dominated by people who ‘need' to sell or buy because of job or life change. People who ‘want' to move have remained on the sidelines. Most have been hoping their values will climb back to peak levels.
We have just started to see people who ‘want ‘to move coming back into the market. Some are motivated by the low interest rates but all have them have come to terms with the perceived loss in their home value.
But they have found great values available in the market.
Last year I predicted that home values would level off in May and I'm pleased to see that they have.
Baring any major event, I see the Seattle hocusing market continue to rebound with homes in the upper price ranges starting to move as attitudes change and money for jumbo loans mimics conventional loans.
Months of Inventory for the Eastside Based on Pending sales: