Millennials, military families and relocating workers fueled the best July ever. J. Lennox Scott of John L. Scott succinctly summed it up: “The Puget Sound housing market is sizzling hot, with the best July on record.” The median sales prices in the four-county area we follow ranged from a low of $245,000 in Pierce County to a high of $439,000 in King. System-wide, there is only a 2.2 monthly supply of homes available.
Quietly, almost secretly, real estate professionals are whispering about bubbles again. An article by Michael Munro suggests that Canada – – over fueled by Chinese investment, soaring finance markets and oil prices – – might be approaching a crash of some sorts. The chart below shows that when the U.S. crash-dived in 2007-2011, Canada continued to soar. The conclusion? Probably not a bubble/crash scenario in the forseeable future. Read the entire, interesting article at….