Washington Housing market June 2023

It's been a busy June for the Washington Housing market! Let's dive into this month's market update and real estate news.

Market Update:

The Washington Housing market has continued to show strength in June 2023. Median home prices have decreased by 8% compared to June 2022, with the current median home price sitting at $570,000. The inventory of homes for sale has remained low, with only a 1.5-month supply available. This limited supply has resulted in a highly competitive market, with many homes receiving multiple offers and selling above asking price.

The demand for housing continues to be fueled by low mortgage rates and a growing local economy. The state's job market has continued to improve, with the unemployment rate dropping to 4.2% in May 2023. Additionally, the state's population has grown by nearly 1.5% over the last year, adding to the demand for housing.

Real Estate News:

In recent news, the Washington State Legislature passed a bill to provide funding for affordable housing statewide. The bill will provide $500 million in funding over the next five years to create and preserve affordable housing in Washington. This funding will help to address the state's affordable housing crisis and make homeownership more accessible for low and middle-income families.

Additionally, the city of Seattle has announced a new initiative to increase the number of affordable housing units in the city. The initiative, called "Housing Seattle Now," will provide incentives to developers to create more affordable housing units and will also increase funding for existing affordable housing programs.

Investors should also take note of a recent report from Zillow, which predicts that home values in the Seattle metro area will increase by an additional 5.9% over the next year. This forecast indicates that the Washington Housing market will remain strong in the coming months, presenting a favorable environment for real estate investment.

Conclusion:

Overall, the Washington Housing market remains in a strong position as we head into the summer months. The limited supply of homes for sale and growing demand for housing has resulted in a highly competitive market, with home prices continuing to rise. Additionally, recent initiatives to increase affordable housing funding and programs provide a positive outlook for the state's long-term housing market. Investors should keep a close eye on the Washington Housing market in the coming months and consider taking advantage of the favorable conditions for real estate investment.