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Local Market Update – February 2015

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The new year started out with a bang. The market saw year-over-year increases in pending sales, closed sales and home prices. Mortgage rates hit a 20 month low. The one cause for concern: inventory is not keeping up with demand. The number of closed sales were slightly higher than a year ago, and the number of pending sales (agreements that have been signed but not yet closed) made it the best January in 15 years. Home prices throughout King County continued to climb. Supply of inventory fell by double digits.

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