Seattle area home sales were down in September, which can be attributed to a seasonal slowdown, according to DataQuick.
A total of 3,988 new and resale houses and condos closed in September in the Seattle-Tacoma-Bellevue metro area, which was a 19.2 percent decline from the previous month. However, this was a 6.1 percent improvement compared to September 2011.
Since 1994, home sales between August and September have averaged an 11.1 percent decrease, so this decline is not out of the ordinary.
Meanwhile, the median sales price in September hit $294,481, up 1.5 percent from August and 13.5 percent on a year-over-year basis. This marked the sixth consecutive annual increase.
Despite the decline in sales, record low mortgage rates have still motivated many to enter the real estate market.
Glenn Crellin, associate director of research at the University of Washington's Runstad Center for Real Estate Studies, told the Seattle Times that many buyers have been sitting on the sidelines waiting for the bottom. With many believing this bottom has passed, home sales could improve in the near future.
