The hottest housing market of the summer
Not to rain on your parade… however, the hottest housing market is in Washington state where home prices are up 13% compared to last year. The situation is even worse around Seattle, mostly due to the near 55,000 jobs added to the market last year alone. Take the population coming in for these jobs and combine them with the slow pace of construction, and voila – you have expensive housing.
But don’t let me burst your bubble… because Washington’s market isn’t exactly a bubble. A bubble occurs when prices go up without demand going up, as well. People are getting jobs, and they need living arrangements, so the market is there.
The thing is… housing developers need to use their crystal ball when planning and building a project because each project takes about three years to complete. With all of these countries playing ‘tariff tag,’ along with other local policies, it is difficult to know if the job market in Washington will grow, stay put, or drop.