Housing Market Doing “surprisingly well” without a stimulus

News from NW Multiple Listing Service

FOR IMMEDIATE RELEASE: April 6, 2011

Housing market doing “surprisingly well” without a stimulus

KIRKLAND, WA, April 6, 2011. Last month’s pending sales fell below year-ago totals in Western Washington, but brokers say the market is faring quite well, considering last year’s activity was boosted by federal tax credits.

The latest report from Northwest Multiple Listing Service shows 7,570 pending sales of single family homes and condominiums during March. That’s down about 12 percent from a year ago when members reported 8,605 pending transactions (mutually accepted offers) across the 21 counties in the Northwest MLS service area.

“The market is doing surprisingly well without a stimulus,” observed Northwest MLS director OB Jacobi, president of Windermere Real Estate Company. “Considering that this time last year there was a rush of buyers trying to beat the tax credit deadline, to have the number of sales off just slightly points towards a strengthening market,” he added. READ ON

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