The cooler housing market has sent Washingtonâ€™s economy, once one of the strongest in the nation, on a road to real estate deflation in the majority of markets, but not all. In western Washington, along the I-5 corridor home prices are deflating. While in a few isolated communities on the east side of the state, markets remain somewhat stable.
With one of the strongest statewide economies in the country, Washington is better off than most. In Seattle, homes coming on the market for sale are adding to an over abundance of inventory. A handful of commercial projects downtown have been put on hold or cancelled, further indicating the areaâ€™s growth has slowed from the boom.
This chart shows the percentage change this year in real estate prices. The northern Olympic Peninsula has been one of the strong western markets. We have increased inventory, and some reduction in average sales price, but still prices have been fairly stable.
Source and full article view: Housing Predictor
Last Updated on June 17, 2019 by Chuck Marunde