Seattle Experiences 16-year High for Unsold Homes

According to a recent article in The Seattle Times, 2007 marks a 16-year high for unsold homes. The article states that inventories of unsold homes across the U.S. has increased 2.2% during the month of July to 3.85 MILLION. This according to the National Association of Realtors.

Sales are down 9% from earlier this year and the median home price has dipped to $228,900, a difference of 0.6 since last July. Overall home sales are 5.7% below 2006 numbers for closed home sales.

What does this mean for the Seattle Real Estate market? And for investors? We’ll explore this in detail in the coming week.