While home prices continue to rise in the Northwest, the supply of homes is improving slightly, according to a report from Northwest Multiple Listing Service.
“We might actually be starting to move very slowly back toward a more balanced market,” said OB Jacobi, president of Windermere Real Estate, in commenting on July’s figures from Northwest Multiple Listing Service.
The area-wide median selling price for single family homes was $358,150, a 9.2% increase from last year.
Active listings in July hit their highest level since September 2015, and the volume of new listings added topped 12,000 for the third consecutive month, according to Northwest MLS.
Inventory seems to be easing, bringing a rise in pending home sales of 4% annually, setting a new high for volume in July in the Northwest.
“We are experiencing a record breaking market,” said J. Lennox Scott, John L. Scott chairman and CEO. “Last month was the best July in history in the Puget Sound real estate market.”
“We’re in a frenzy hot market with a large backlog of buyers,” Scott said. “That additional inventory gave us the boost to not only be able to claim an all-time, best ever July, but to also position the last three months as the best in history for [pending] sales activity in the Puget Sound region.”
One market in the Northeast, Seattle, Washington, even made number five in the top housing markets in Ten-X’s Top Single-Family Housing Markets Report for Summer 2016.