The Puget Sound housing market continues to experience an unprecedented surge in home values. The two contributing factors continue to be low inventory levels and low interest rates which helps keep demand up. Speculation continues to rise as the Fed gets ready to meet in the middle of June. A rate increase could soften the housing market at a time when the country might not be ready for it.
In the meantime there is almost a gridlock with not enough home owners moving resulting in not enough homes available for buyers.
Builders may be the biggest winners in this market but it seems they aren’t producing enough new homes to squelch demand.