Seattle Q2 home sales up, but not by much

It was another slumpy quarter for single-family home sales in Seattle, reports Seattle Bubble. Check the chart, which tracks all King County closings since 2000, as reported by the NWMLS (click the pic for the big view):

Home Sales chart

See that little red 2008 line? Yikes. While the crimson Q2 isn’t the lowest point on the chart (Q1 of this year beat it for last place by a long shot), it’s still mighty scary.

Given this, do you think dropping prices will spur more home closings? Or is our abundant selection totally sogged?

  • Ben

    Dropping prices will cause folks with money to not sell their house. And it will wreak havoc with the balance sheets of banks that modify loans or foreclose.

    The selection is not yet really that abundant, if you take affordability into account.

  • Allison Arth

    Good point, Ben; we do have loads of homes above the $500K mark, which certainly isn’t doable for most.