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Northwest home prices continue to soar

AP Photo

Home prices in the Northwest continue to soar as demand greatly exceeds the supply.

Prices in King County hit new highs in February as buyers tried to outbid each other for the sparse inventory, according to the monthly report from the Northwest Multiple Listing Service released on Monday.

The number of single family homes for sale last month in King County was down nearly 30 percent from a year ago. Prices on last month's sales surged 19.8 percent jumping from $429,900 to $514,975, the report said.

Ten other counties in the 23 county area served by Northwest Multiple Listing Service also reported double-digit price gains for single family homes that sold last month.

Condo prices surged 19.6 percent.

KOMO Radio's Herb Weisbaum spoke to Lennox Scott, chairman and CEO of John L. Scott Real Estate about the new numbers. You can listen to the interview at the link above.

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