Posted by: phillipsre | July 12, 2016

Housing Bubble or Strong Economy… or Both?

housing-bubble-1-450x450Seattle home prices have risen a startling 74 percent in the past five years. As of June, the median price of a single-family house was a record $666,500. An uninhabitable home in West Seattle can command a handsome $427,000 after a bidding war, many people think Seattle is in the middle of a housing bubble that could pop in a year or two, but while our housing prices keep going up, employment and population continues to grow, which show that this bubble may not burst anytime soon. This article from the Seattle Times highlights the current state of the housing market and discusses the many reasons this trend continues and some of the challenges faced by buyers in the area.

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