The housing market remains strong and speculation of another housing bubble is readily dismissed by veteran brokers across the 23 counties served by the Northwest Multiple Listing Service (NWMLS). The tight inventory and buyer demand is expected to remain on into 2016.
Members added 11,198 new listings to inventory in July; 239 fewer than the same month one year ago although it did mark the fourth current month where new listings added has remained above 11,000. At month’s end, there were 21,069 active listings on the market; a decline of 21.4 percent from July of 2014 when there were 26,813 active listings reported.
The NWMLS shows about 2.2 months supply of inventory system-wide in the 23 counties served and King County showing the tightest supply at 1.2 months of inventory.
Pending sales of 11,216 outpaced new listings by a slim margin and was about 16.6 percent higher than the same time one year ago when pending sales was 9,615; although this number is down slightly from the previous 4 months.
Median prices rose 6.4 percent as compared to this same time last year as the median price for single family homes and condominiums was $319,250. July’s median price for single family homes rose 4.1 percent from one year ago but was down slightly from the previous month.
Agents reported 9,424 closed sales last month which easily passed the year ago number of 7,878 for an increase of 19.6 percent. This number also exceeded the 9,163 closings reported for June.
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