Housing statistics from Northwest Multiple Listing Service for June show signs of a shifting market, creating opportunities for some buyers. Compared to a year ago, NWMLS brokers reported a healthy jump in inventory, double-digit drops in both pending and closed sales, and the smallest year-over-year increase in prices since June 2020.
Northwest MLS brokers added 14,223 new listings of single family homes and condos to inventory during June, up from both May, when they added 13,075 homes system-wide, and a year ago, when they added 13,111 properties to the database. Last month’s total was the highest volume of new listings since May 2019 when brokers tallied 14,689 new listings.
At the end of June there were 13,405 active listings of single family homes and condominiums. That’s more than double the inventory of a year ago and the best selection since October 2019.
With the uptick in months of supply of inventory, we reached nearly six weeks (1.48 months) by the end of June.
Both pending sales and closed sales declined from a year ago. MLS members reported 8,937 pending sales during June, down 27.5% from the year-ago total of 12,328, and down 3.8% from May.
Closed sales also fell from a year earlier (down about 17.2%), but last month’s total of 9,047 completed transactions nearly matched May’s volume of 9,096.
The latest MLS report shows area-wide prices rose about 10.4%, from a median price of $589,000 to $650,000. On a percentage basis, that is the smallest year-over-year (YOY) gain since June 2020 when prices rose around 5.7%.
King County had the second highest sales price last month, coming in at $851,000. That represents a 9.1% increase from a year ago, but a slight decline (3.4%) from May’s figure of $880,000.
Watch the 1.5 minute market report video…
Source: NWMLS 7/6/2022