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Median sales price up 11% in King County

Home prices in the Puget Sound region have remained elevated, showing a slight uptick from February to March and substantial increases compared to the same period last year.

In King County, the median sale price in March reached $945,500, a 11% increase from March 2023. Similarly, the median single-family home sold for $760,000 in Snohomish County, up 4.7% from a year ago; $550,000 in Pierce County, also up 5%; and approximately $535,000 in Kitsap County, reflecting a 3% increase.

In March, new single-family listings increased by 17% in King County, compared to February, but year over year it was only about 4% higher.

However, despite this surge in new listings, the overall supply of homes for sale remains tight compared to recent years. In King County, the number of newly listed single-family homes in March hit its lowest level in at least seven years.

Interest rates have decreased by 0.15% over the past month to 6.79%, and while the rate decrease is encouraging, it has yet to have a significant impact on prospective buyers’ purchasing power or prospective sellers’ willingness to give up low interest rate mortgages.

As a result, the market is tightening just as home shoppers typically emerge for the spring rush. At current demand levels, it would take approximately one month to sell all the single-family homes for sale in King and Snohomish Counties.

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