Jolt
Afternoon Jolt: Housing Market
A buyers' market = plenty of supply plus lower prices.
A sellers' market = limited supply and higher prices.
So, we can't figure who's the winner here: The latest numbers on housing sales in King County show limited supply (number of sales up) and lower average and median price.
Sales increased 8.8 percent between July and August and up 36 percent from last year. But prices fell. The Puget Sound Business Journal reports :
People in the market appear to be the winners, and something about this seems like good news for the economy, but we're not exactly sure what the numbers mean. A Jolt nonetheless.
A sellers' market = limited supply and higher prices.
So, we can't figure who's the winner here: The latest numbers on housing sales in King County show limited supply (number of sales up) and lower average and median price.
Sales increased 8.8 percent between July and August and up 36 percent from last year. But prices fell. The Puget Sound Business Journal reports :
But the average sale price fell to $396,533 last month from $410,618 in July and from $436,370 a year earlier. The median sale (half sold for more, half sold for less) of a King County home also fell in August, to $315,000 from $319,000 in July and from $349,450 in August 2010.
People in the market appear to be the winners, and something about this seems like good news for the economy, but we're not exactly sure what the numbers mean. A Jolt nonetheless.
