August 2020 Housing Market Update (NWMLS Press Release)

Opportunities abound for home buyers and sellers, but brokers say “don’t delay”

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides data for most of Western Washington.

pent-up demand from homebuyers meant inventory remained tight
pending sales jumped nearly 14% from a year ago
inventory remained well below the level from last year (down about 39%)
interest rates at historical lows mean buyers can get much more for their money (many buyers are getting rates at under 3%)
depleted inventory means multiple offers in just about every market and at every price point
the need for housing outweighs the fears of coronavirus
suburban lifestyle continues to draw buyers especially with remote work becoming more common
with low inventory, prices continue to increase, but inventory looks to be inching up
demand will continue to far outstrip supply for quite a while
King County median price for homes and condos up 7.2% from a year ago to $670,000

To read the full press release, click here.