Rising interest rates are not slowing sales; Prices continue to rise | News

Rising interest rates aren’t slowing home sales in most parts of the state. According to a press release today from the Northwest Multiple Listing Service’s March activity, prices are only continuing to rise.

Prices in King and Snohomish counties have risen 16.5% and 10.5% respectively since January. “No other county in the central Puget Sound region has exceeded double digits in real estate price growth for this period,” said James Young, director of the Washington Center for Real Estate Research at the University of Washington, in the press release.

Young thinks the return to the city has begun, adding that the effect of rising interest rates and gas prices on the Interstate 5 corridor will be interesting to watch.

“Increasing costs make buying a home outside urbanized areas a less viable option for first-time buyers and others looking for value to move up the housing ladder,” he said. stated in the press release.

Noting recent census reports indicating people are leaving King County, John Deely, executive vice president of operations at Coldwell Banker Bain, speculated that counties such as Snohomish, Pierce and Kitsap could prosper.

“This is due in part to a lack of affordability and King County’s inability to build new inventory given restrictions on development and tight labor markets,” he said in the statement. , also citing work-from-home policies that he says will continue. to influence where people live.

In King County last month, the median sale price for single-family homes and combined condominiums was $838,753, up 13.6% from March 2021. For single-family homes only, the price was $838,753. $930,000, up 12.7%. For condominiums only, the median was $540,000, up 14.9%.

In Snohomish County, the median sale price for single-family homes and combined condominiums was $758,707, up 24.9% from March 2021. For single-family homes only, the price was $800,000 , up 25%. For condominiums only, the median was $555,000, up 33.1%.

Leslie M. Gill