Seattle Home Sales Surprise To The Downside

Peoples Home Equity comments on the recent decline in Seattle home sales.

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While the ISM manufacturing index did not reach new highs, it did report the 2nd highest number in the past 23 weeks.

Chicago, IL (PRWEB) January 04, 2014

Seattle home sales surprisingly declined in November for the first time in 29 consecutive months. Peoples Home Equity finds that the Seattle real estate may be showing an opportunity for the high number of employed first-time home buyers to enter the market on recent weakness.

According to DQNews.com, on January 2nd, total Seattle home sales declined -3.10% in the month of November. The great weakness came from the slump in new home sales which declined -16.80% for November. Resale homes declined just -3.90% while resold condo actually saw an impressive increase of 13.6%. For each category of homes, there was a subsequent reaction in median home prices. New homes saw a monthly median price decline of -2.86%, resold homes a decline of -2.45%, and resold condos saw an increase of 2.68%. Year-over-year the discrepancies are even great in median price changes. New homes have seen a 14.3% year-over-year rise, while resold home have experienced on a 6.4% rise. Meanwhile resold condos are currently showing a 22.9% year-over-year rise in median prices.

Peoples Home Equity thinks the Seattle real estate is showing weakness due to the local climbing unemployment rate taking a affecting the local market. Seattle has been experiencing a rising unemployment rate from 4.0% in May 2013 to 6.0% as shown on the Bureau of Labor Statistics website in for October 2013. Now might be the time for first-time home buyers to buy a home, not a condo, while median home prices are stagnant and sales are down. Once spring time begins the housing market will see a seasonal increase in sales along with median home prices. Reader must also consider a very probable continued trend in rising mortgage rates due to the Federal Reserve’s tapering of its quantitative easing program.

At a minimum Peoples Home Equity finds is beneficial for individuals in the Seattle area to at least apply for a home loan during their property search. Once approved for a mortgage, prospective home buyers can bid on preferred listing with confidence that sellers will take them seriously.

Please contact Peoples Home Equity loan officer today for mortgage details at: (855)-897-0300