Rising home prices are nothing new in the Puget Sound region, but when can prospective buyers expect that trend to relent?
‘No relief in sight’ for hyper-competitive Puget Sound housing market
According to the latest data from the Northwest Multiple Listing Service, the median price of a residential home in King County rose 12% year-over-year in March, with increases of 16% and 25% in Pierce and Snohomish counties respectively.
The hope, as Windermere Chief Economist Matthew Gardner notes, is that a recent increase in interest rates would provide some semblance of relief, but that has yet to occur.
“We saw a massive jump in mortgage rates — they jumped
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