Number of Seattle homes for sale drops 18% in one year

The number of homes for sale in Seattle has dropped 17.9 percent in the past year, well above the national drop of 12.2 percent during the same time, according toZillow.com.

The Seattle online real estate company said despite the drop, inventory shortages are easing.

That’s because the 17.9 percent drop in inventory from June 2012 to June 2013 in Seattle is less than the 24.2 percent drop in homes for sale reported from January 2012 to January 2013. Zillow pointed to the smaller drop in inventory as a sign home inventory is rising.

"Inventory will likely remain below year-ago levels for a while yet, as builders ramp up capacity and sellers wait to squeeze every drop of equity from their home before listing. But a corner has been turned," said Stan Humphries, Zillow chief economist, in a statement.

Ben Miller Contributing Editor-Puget Sound Business Journal

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