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Expat wanderer

Home Prices Drop, Sales Rise in Seattle

The Seattle Real Estate market has been fairly bullet-proof, until lately, when following the trend across the United States, prices here have also dropped, reports this morning’s Seattle Times. (If you have ever dreamed of having a home in Seattle, even after all my rain photos, now is the time!)

By ALEX VEIGA
The Associated Press

A real-estate-agents trade group says sales of existing homes rose 3.1 percent in July as buyers snapped up deeply discounted properties.

Stephanie Kuhn — who moved in March from the Seattle area to Orlando, Fla., because of a family emergency — has yet to find a buyer for her Mountlake Terrace condo.

The two-bedroom, 1,100-square-foot condo has been on the market since March but is drawing little interest.

“I can’t buy another house until I sell my house up there,” said Kuhn, 47.

Seattle and Portland, Ore., were among the top 10 metro areas in the nation with the most pronounced drop in home sales last month compared with July 2007, according to The Associated Press-Re/Max Monthly Housing Report, which analyzed all home sales recorded by all local agents.

The AP-Re/Max home-sales report was one of two released Monday. The second was from the National Association of Realtors.

Sales of existing homes in the West edged higher overall in July, as many buyers took advantage of falling prices in foreclosure-ravaged areas in California, Nevada and elsewhere, both reports show.

About 1.1 million pre-owned houses and condominiums were sold last month in the 13-state region, up almost 1 percent from the same month last year, the Realtors group reported. But the median home price plunged more than 22 percent to $273,200, it said.

You can read the rest of the article HERE.

August 26, 2008 - Posted by | Community, ExPat Life, Family Issues, Financial Issues, Living Conditions, News, Seattle, Shopping, Social Issues |

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