Seattle single-family home prices hit a record high in May 2018, however, it is not due to a lack of inventory, according to a recent report. Seattle's booming housing market is heating up month after month.
"Single-family home prices in the Seattle area continue to reach new highs despite increasing inventory in May, according to monthly home-sales data released Tuesday by the Northwest Multiple Listing Service," according to National Mortgage News.
"The median price of a single-family home in King County was $726,275 in May, surpassing the record high of $725,000 set in April and up 15% compared to the previous year."
Despite the uptick in home prices, homebuyers should still feel confident in their ability to afford a home in Seattle. The total active listings have increases in King County, according to the NMN report.
With more inventory opening up, it should soften the blow of the increasing home prices. Though, the report does caution homebuyers that the competition is still stiff despite the increase in inventory.
To learn more about Seattle's booming housing market and new record high single-family home price, click on the image above.