May marked a month of new records for some market indicators
*NOTE* – the data we are looking at is from the full month of May. The NWMLS comprises 26 of Washington’s 39 counties, mostly in the western part of the state.
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service, which provides housing market data for most of Western Washington:
- May’s inventory was down 46.6% compared to last year
- year-over-year median price is 30% higher than a year ago
- “Record low interest rates and job gains continue to drive the market, along with focused lifestyle changes”
- rising home prices are prompting buyers to drive farther north, south, and east to find affordable homes
- pending sales edged above the volume of new listings (high buyer demand has kept supply depleted)
- “Only a decrease in demand will moderate house price trends”
- “Frenzy-level buyer demand has not waned. The local market is still virtually sold out in the more affordable and mid-price ranges, as well as into the luxury ranges in some areas”
To read the full press release, click here.