Year-over-year pending home sales continue to show strength for the Seattle real estate market. In August there were 752 residential pending sales in the city, up from just 598 in the same month last year. That 25.8 percent gain is just another indicator that the local market is in a long-term growth cycle.
The total number of pending sales is down slightly from July's 782 sales, but that is part of the annual cycle of the later summer slowdown. Every month of 2013 has seen an increase over its number of pendings in the previous year.
Pending Home Sales, Median Home Prices, Seattle
Median prices of homes sold in Seattle also continue to rise. The median for a residential sale in August was $447, 953. Compared to the 2012 figure of $396,400, we're seeing a 13.0 percent increase year-over-year. While home prices are still around 10 percent lower than they were in 2007, the market as a whole has gained back a fair share of the equity that was lost during the downturn years.
© SeattleHome.com: - Sam DeBord, Managing Broker, Realtor
Source: NWMLS Stats - The Northwest Multiple Listing Service did not compile or publish this information.