NW Home Prices Go Up, Inventory Remains Low
SEATTLE -- Home prices around the Northwest continue to go up. The new Northwest Multiple Listing Service report for October shows prices for homes and condos are up eight percent. The average price for a home in King County is now $676,000. It's $450,000 in Snohomish and $342,000 in Pierce County.
Something looming over the market – the GOP tax plan that calls for rolling back the cap on mortgage interest deductions on newly purchased homes. Right now, a married couple can deduct the interest on mortgages of up to a million dollars. The Republican proposal would cut that to $500,000.
On the KOMO Midday News (weekdays 1-3pm), we spoke to with Jon Hunter, a vice president at John L. Scott Real Estate about this. (Click the picture above to hear the audio).