In a normal year, September would be when housing prices begin to level off.
But what about 2020 is normal?
Pulled up by unrelenting demand and an inventory drought, King County home prices hit a new all-time high of $753,600 in September, a 14% bump over last year, according to new data from the Northwest Multiple Listing Service.
Potential sellers are hunkering down, choosing to refinance rather than list, reducing the number of homes on the market in all of Western Washington to half as many as last year.
The market for homes priced less than $800,000 is especially intense, brokers said, as first-time homebuyers and former condo-dwellers look for more space as the pandemic drags into its eighth month.
For buyers seeking to compete at that price point, bidding wars, fleeting listings and all-cash offers are the norm. Typical for this market: The two-bedroom Wedgwood rambler that sold in