The NWMLS numbers are out, and the exciting news from last week was real. Inventory in June really truly did go up. Now, let’s all cross our fingers for a a repeat performance in July.
Data from the large rental listing sites on July rent changes in the area is out, and Curbed has handily compiled it here. Most of the numbers are comparing median one-bedroom rent listing prices to the same for July of 2016, and saw increases from 4-6%, but one of the sites actually reported a decrease of 17%. Because nothing is every quite as straightforward as you might hope.
Speaking of straightforward, the city of Seattle has passed an income tax on high-earners, to be implement in income earned beginning January of 2018, collected in April of 2019. The tax is intended to, in part, lower the burden of property taxes, which is good news for a lot of people. Rules around the tax are still in development and should be released in November.
As promised, we’ve got stats. For the most part, they just confirm that we’re seeing more of the same. Inventory is down and prices are up. Mix in the first increase in interest rates in a decade that looks like it might be more than an temporary blip, and the situation is getting rough for buyers. My hope is that if interest rates do stay up, it’ll be balanced by a slow down in price increases.
What I’m finding interesting are the details behind the headline on the trends for rent prices. One bedroom rents are up, but studios and two bedrooms are showing signs of softening. Anything that helps buyers save for a down payment or gives them a good alternative in the face of low inventory is good news to me. I’ll be keeping an eye on it that.
If you’re looking for a breakthrough, you could hang out with Bertha. After a break for a quick course correction the drilling is moving into its final stretch. The tunnel is starting to look like it might actually be finished some day.