There Continues To Be An Increased Frequency Of Price Reductions
A report from the Seattle Times in Washington. "Home prices on the Eastside have now dropped on a year-over-year basis. In Seattle, the median house is nearly $100,000 cheaper than last spring. And across King County, the number of condos available for buyers has more than quadrupled in the past year. The cool-down in the local housing market continued in December."
"Compared with the record highs reached last spring, prices are down $91,000 in Seattle, to a new median of $739,000, and they’ve fallen $69,000 on the Eastside, to $909,000. Most remarkably, in the last seven months prices have declined more than $170,000 in Queen Anne/Magnolia, the central Seattle area that includes Capitol Hill, and in East Bellevue."
"'Sellers are more willing to be flexible on pricing, even after a short time on the market,' Redfin agent Jessie Culbert said. 'It’s much more of a conversation at this point, versus a buyer just saying, 'Have my soul and my unborn child, please get me this home.'"
"Three other areas have lost more than $110,000 since the spring: Ballard/Greenlake, Shoreline-Richmond Beach and Redmond-Carnation. And in the condo-only market of downtown Seattle, prices decreased about 10 percent in the past year."
"Snohomish County is starting to follow King County’s lead. Inventory in Snohomish has also more than doubled in the past year while prices are up 4.5 percent, the smallest increase in two and a half years. The median house sold for $470,000, down from the record high of $511,000 in the spring."
The Dallas Morning News in Texas. "After seven consecutive years of increasing sales, North Texas homebuilders saw a slowdown in the market in the second half of 2018 as consumers adjusted to higher mortgage costs and huge home price increases."
"Homes started and new homes sold in D-FW: Starts - 8,973. Sales - 8,676. Finished vacant new homes: 5,950."
"'Dallas-Fort Worth, the nation's top new home market, is slowing from a frenzied, overheated pace to a more stable, normalized market. Builders and developers are hard at work delivering product to meet the strong demand for affordable new homes.' Paige Shipp, regional director, Metrostudy Inc."
From The Signal in California. "This past year, we had a slowdown in the real estate market in the Santa Clarita Valley, especially in the higher home price range."
"While early in the year we had solid home price appreciation at around a 6 percent gain from the year earlier, home prices leveled off towards the end of the year. There continues to be an increased frequency of price reductions from original list price, and homes are taking longer to sell. While some of these price adjustments downward and slowing activity are normal in the seasonal cycle of home sales, these changes are also indicating that we are in a period of market shift toward a more balanced market."
From KTVZ in Oregon. "The Bend area's median home sales price rose more than 9 percent in 2018, to $432,000, though that year-end figure was $17,000 below June's peak price and fairly stable through the last quarter of the year, an analyst said Saturday."
"The Redmond area's median home price dropped a bit as well, down $5,000 to $300,000 in December. In smaller markets, the Sisters area median home price rose to a record $450,000, but dropped a bit in Sunriver, to $475,000."
From Hawaii News Now. "Oahu’s housing market could be cooling off. That’s the takeaway from new home and condominium sales figures from the Honolulu Board of Realtors, which show the number of homes sold on Oahu in December is down 28 percent from the same month in 2017."
"Darryl Macha, 2018 president of the Honolulu Board of Realtors, said that more inventory and slower sales are good news for those in the market for a home. 'We began to see a shift in the market during the last quarter of the year and as 2019 begins, it appears that trends point toward a more balanced market for buyers and sellers,' he said. 'While current mortgage rates are still relatively low, they are anticipated to rise this year, so those ‘on the fence’ may want to consider purchasing sooner rather than later.'"