King County Real Estate Market Highlights

Numbers from sales in August have come in and The Seattle Times reports that "the median price of single-family homes in King County dropped in August to $437,000, a decrease of 6.6 percent from the previous month, but a 1.6 percent increase from a year ago," after the breakthrough above the 2007 peak we saw in July. In addition, "almost 7 percent fewer homes sold in August than during the same month a year ago, even though the supply of homes for sale was up 1.4 percent." So what does this mean in terms of the real estate market? 

Image Courtesy of The Seattle Times

Well, George Moorhead from the MLS tells the Times that, "what we are seeing now with the market is a moderate growth in appreciation, a normalizing of sales volume, and continued health overall,” which means these numbers are not anything we should worry ourselves over, especially as the market stays strong in downtown Seattle and on its Eastside.