Seattle

The home of Starbucks needs a jolt. Porter says the housing market continues to be stagnant, in terms of slowing price growth and lackluster sales activity. Prices continued to rise in 2007, making it overpriced. Markstein notes the area has positive economic growth, although, like other cities, it’s feeling the pinch of tighter lending standards. Add a glut of condos to those factors, and John Burns Real Estate Consulting expects costs to continue to drop in the next several years.
Median price end of 2007: $377,500
Median price end of 2006: $372,900
% change: + 1.2%
Projected change through Q3 2008: – 3.9%
Affordability rating: 7
Foreclosures in 2007:
(1 for every 211 households)
5,016
Foreclosures in 2006:
(1 for every 245 households)
4,311
Change in foreclosures: +16.4%
Current rate comparison
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Price trends

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June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $372,900
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $377,500
* Median prices for existing single-family homes