Seller’s market: home sales and prices rise; supply falls

Home sales percolated higher in July, with pending sales, closed sales and prices all substantially higher than the same month in the previous year in most counties of Washington state.

The supply of homes tightened, with listings down 5.5 percent from the previous year, the Northwest Multiple Listing Service reported Tuesday in its report on 21 counties. Areawide, the service said, there are enough homes to supply the market for only 2.6 months, which indicates a seller’s market.

Job centers had particularly limited supplies of homes. At the current pace of sales in King County, it would take just 1.5 months to sell the supply. Snohomish County had a 1.6-month supply; Pierce County’s supply was slightly higher at 2.27 months.

Pending sales of single-family homes and condos during July rose more than 13.6 percent from a year ago. Closed sales areawide rose 27.5 percent over the same period a year ago; the median price of those sales, including single-family homes and condos, was up 10.8 percent from the year-ago figure.

The median price of a home in King County was $398,888 in July.

Multiple offers were reported in all price ranges, said Northwest MLS director John Deely, the principal managing broker at Coldwell Banker Bain in Seattle, with "a surprising number of all-cash buyers."

The average fixed rate on a 30-year mortgage was 4.37 percent last week, up from January’s rate of 3.41, according to Freddie Mac.

Erin Van Bronkhorst Associate Editor-Puget Sound Business Journal

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s