Housing activity during April signaled good news for buyers in Western Washington as inventory continued to grow, the rate of price increases was slowing in many areas (and even decreasing in a few counties), and mortgage rates remained low.
Northwest Multiple Listing Service statistics for last month show a 28.5 percent overall increase in active listings compared to the same month a year ago, a 5.8 percent gain in pending sales, and a 2.4 percent rise in median prices for sales of single family homes and condos that closed during April. The volume of closings dipped slightly (down 1.9 percent).
Seven counties had double-digit growth in inventory from a year ago, led by King County (up 78.5 percent) and Snohomish County (up nearly 57 percent). The number of active listings declined in 10 counties, with Jefferson County reporting the biggest drop at 24.8 percent. System-wide inventory at the end of April totaled 12,955 active listings, which represents a 7.8 gain from March.
Eight counties had double-digit increases in pending sales versus a year ago. In the four-county Puget Sound region, only King County had a double-digit gain, with a 15.1 percent jump in mutually accepted offers. Pierce County, with a 6.6 percent decrease, was one of seven counties reporting drops in pending sales. Even with mixed sales activity, supply remains tight.