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While interest rates remain high, an increase in inventory and closed sales transactions signal that buyers and sellers are adjusting
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of May):
- The real estate market has continued to pick up in accordance with typical seasonal patterns, with further increases in activity expected as we move fully into the summer months.
- The overall number of homes sold and the median sales price of those homes increased year-over-year.
- Interest rates have only slightly decreased over the past month, and are right around 7%.
- For-sale inventory levels have increased dramatically year-over-year, which should help to stabilize home prices.
- Across the NWMLS, there was a 41% increase in active property listings compared to June 2023.
- The median sale price for King County was $890,000, up 9% compared to June 2023. The median means that half of all homes sold for less than that price and half sold for more than that price.
To read the full press release, click here.
