We've all seen the headlines claiming the market is finally starting to cool down, but is it really starting to normalize? Median home sales prices decreased by about 3 percent in King County, but other indicators are showing that our housing market isn't ready to cool off just yet.
New statistics from the Northwest Multiple Listing Service (NWMLS) show the median sales price of single-family homes had a month-over-month decrease in both King and Pierce counties. However, it was still the best July on record. Realtors in the four-county region logged nearly 8,250 pending sales, up 15 percent over a year ago. According to the Puget Sound Business Journal, that was the fifth straight month that pending sales exceeded 8,000, something that hasn't happened since 2005.
Signs that the market is still hot are represented by the still increasing year-over-year median sales prices. In King County, these were up 3.6 percent to $485,000. Even Snohomish County median home sales price was $363,000 – that's an increase of 8.35 percent from July 2014 to July 2015.
Further proof of the continued heated market is the continuing decline of inventory. In Seattle, it dropped to a staggering 1.1 months of inventory (anywhere between 3 and 6 months is balanced). Additionally, the majority of closed sales on the Eastside sold over list price last month.
A few statistics may have pointed downward last month, but the majority are still reflecting a very busy, very hot real estate market. Image and statistical data via Puget Sound Business Journal.
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