When you think about the Washington housing market, you probably focus on Seattle. After all, the Emerald City is home to several prominent companies that have brought home buyers to the city en masse, and two weeks ago it was recognized for officially having the hottest housing market in America. Previously people who wanted to live in Washington but weren’t too attached to city life could move to a number of suburbs just outside of Seattle. According to The Seattle Times, that may not be an option for long, as home prices are rapidly soaring across the entire state.
According to CoreLogic, Washington home prices in April rose 10.6 percent compared with a year ago. That’s the biggest jump of any state in the nation for the third month in a row – and it’s happening everywhere, from Bellingham to Spokane. Some attribute this spike to the steady flow of transplants from the Puget Sound region looking to escape traffic and higher costs.
The Seattle Times notes that many of these cities tend to have lower wages and fewer job opportunities, making it difficult for long-term residents and potential home buyers to cope. For example, Grays Harbor has an unemployment rate of 8.3 percent, third worst in the state and nearly double that of King County. It is also among the cities experiencing soaring housing costs. Director of the University of Washington’s Runstad Center for Real Estate Studies Peter Orser says, “There’s no reason to believe that this is going to stop anytime soon.”
Read the full article here at The Seattle Times.
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