Home buyers are finding some relief,
but Northwest MLS brokers say it is temporary
Competition for homes eased slightly in July across much of Washington state, but brokers from Northwest Multiple Listing Service expect the respite to be short-lived, with inventory still tight and prices still climbing.
Northwest MLS brokers added 12,916 new listings to the database during July. They reported 11,567 pending sales (mutually accepted offers) areawide, which covers 26 counties. At month end, there were 7,948 total listings offered for sale, down 22.5% from the year-ago total of 10,259. That was the highest level since October when inventory totaled 8,623 properties, including single family homes and condominiums.
NWMLS statistics show there were fewer pending sales last month (11,567), than during both June (12,328) and May (11,969). July's volume was down about 8.8% from the year-ago total of 12,682 pending sales.
Prices continue to climb by double digits in all but a few counties. Across all areas, prices for closed sales of single family homes and condominiums (combined) jumped 21.4% during July compared to a year ago, rising from $484,995 to $589,000. Last month's median price overall was unchanged from June.
Watch the 1.5 minute market report video
Source: NWMLS 8/5/21
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