Northwest MLS brokers say August activity follows patterns of seasonal slowing
*NOTE* – the data we are looking at is from the full month of August. 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:
- End-of-summer vacations and back-to-school prep caused a decrease in activity that reflects a normal seasonal pattern
- compared to July, August had fewer new listings, pending sales, and closed sales, lower median prices, and less overall inventory
- overall open house traffic dipped as well
- homes are sitting on the market slightly longer, but inventory is still low relative to demand
- prices are up year-over-year about 18.2%
- mortgage rates continue to be below 3%
- condo sales in King County are up about 20% compared to a year ago, which could mean buyers are choosing to move back to the city or getting priced out of buying residential homes
- luxury home sales continue to exceed expectations, with no signs of slowing
- nearly 15% of this year’s sales (through August) commanded prices of $1 million or more
To read the full press release, click here.