October 2, 2013
Market: Puget Sound, WA
Dupre + Scott reports the overall apartment vacancy rate in the Puget Sound region fell from 5.5% a year ago to 4.6% today despite the 7,200 new apartment units that came online during this span (the most in a year since the early 1990s). This spike in demand is partly due to the 49,900 new jobs created in the region in the past year.
As apartment demand continues to increase, rents in the Puget Sound have risen correspondingly. Region-wide average rents jumped 6.6% year-over-year to over $1,100 and are expected to gain another 2.7% by March 2014.
Read more at Dupre + Scott.
August 24, 2013
Market: Seattle, WA
The latest data shows home prices across the country grew by 6% from 2012 levels, a trend mirrored by the Seattle housing market. In July, Seattle median home prices appreciated 15.3% year-over-year to $302,600.
Nationally, median home prices have reached $161,600 after May, June, and July all showed annual increases of over 5%. July’s price jump was the largest since 2006.
Read more at Puget Sound Business Journal.
August 1, 2013
Market: Dallas, Houston, Phoenix, Seattle
Four of Hamilton Zanze’s markets placed in the top five in Monster.com’s recent ranking of the best American cities for employment growth. Dallas-Fort Worth came in first place, followed by Houston, Seattle, and Phoenix in second, fourth, and fifth place, respectively. Here are each MSA’s job gains in June 2013 from a year earlier, as reported by the U.S. Bureau of Labor Statistics:
- Dallas- Fort Worth: 83,571 jobs
- Houston-Sugar Land-Baytown: 75,827 jobs
- Seattle-Tacoma-Bellevue: 72,128 jobs
- Phoenix-Mesa-Glendale: 19,439 jobs
Read the original article at Phoenix Business Journal.
August 2, 2013
Markets: Houston, Austin, Dallas, Denver, Seattle
Houston permitted 16,410 multifamily units from June 2012 to June 2013, the second-most of any metro, according to Axiometrics, Inc. Houston’s permitting numbers, which trail only New York City, are a 73% increase from a year earlier. In addition to Houston, four of Hamilton Zanze’s markets ranked in the top 10 for multifamily permitting over the last year: Dallas (11,679 units), Austin (11, 483), Denver (8,563), and Seattle (8,434).
Axiometrics reports that nationwide, rents grew 3.5% from their June 2012 levels, and occupancy increased 41 basis points.
Read the full article at GlobeSt.com.
Market: Puget Sound
June 5, 2013
Prices for single-family homes and condos in the Puget Sound region rose 16% year-over-year in May, reflecting a decrease of 27% in inventory. As a result, more people are putting their homes and condos on the market; May listings increased from 3,602 to 4,352 year-over-year. During that span, interest rates increased 0.75%, reducing a buyer’s ability to buy a $350,000 home by almost $31,000.
As a result, the market is frustrating both buyers and sellers. Some “overly aggressive sellers” are disappointed when they receive low or no offers at all, while other would-be buyers are remaining inactive in the hopes that this will temper prices.
Read the full article at the Puget Sound Business Journal