Home Prices Rise in King County

September 9, 2014

The median resale price for a home in King County rose 7.6 percent from last year to $454,100. Home sales are also up 16.4 percent from August 2013, squeezing inventory in many of the county's cities to seller's markets. Months of inventory for homes in Seattle is just 1.7, while Bellevue and Kirkland are at 2.3 and 2.2 months of supply, respectively.

While lack of supply is seen as the culprit to rising home prices, developers are busy building in the county. 11% of Seattle's home inventory, about 170 homes, are new homes. 15% of the market, 54 homes, in Kirkland are new construction and 9%, 38 homes, are new in Bellevue.