Brokers, home buyers welcome growing inventory and market returning to “some sense of normalcy”
*NOTE* – the data we are looking at is from the full month of June. 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:
- Compared to a year ago, brokers reported a healthy jump in inventory, double-digit drops in both pending and closed sales, and the smallest year-over-year increase in prices since June 2020.
- The median sale price of a single-family home in King County was up 9.1% from a year ago to $851,000.
- “What the changes mean in general terms, are more houses on the market, longer market times, stabilizing home prices, fewer showings and open house visitors, fewer offers at one time, and more price adjustments.”
- At the end of June there was more than double the inventory compared to a year ago, and the best selection since October 2019.
- “While there was a decrease in closed and pending sales in June, there is no reason to panic as we continue to move toward a more balanced market. Having the standing active inventory rise above the closed and pending categories in June means we are finally building inventory, which is healthy for the marketplace.”
- “We are still not a buyer’s market by far.”
- “Often change is good for one group but bad for another. In this case the change is good for buyers but does not really hurt sellers. Sellers who correctly price their home in today’s market are still able to get top of market prices. Buyers have more choices and may see a little bit of flexibility on price and terms from the seller.”
To read the full press release, click here.