Prices and number of sales increased despite reduced inventory
Here are my bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of January):
- Interest rates held steady through the month of January to end at 6.69%.
- The number of closed sales transactions was up 3% year-over-year.
- The median price of single-family homes and condos combined was up 6.5% compared to January 2023.
- The volume of homes on the market for sale has continued to decline throughout Washington. There was a decrease of about 14% compared to January of last year.
- Despite the decrease in available inventory, many areas have seen an increase in the number of homes sold.
- Overall, seller reluctance has led to low inventory levels and, coupled with buyer demand, competition and bidding wars has led to higher prices.
To read the full press release, click here.