Home sales took a “pause” in action during October. Regardless, home prices continued to rise. Pending sales dipped during October by 2.7 percent compared to the same month a year ago, but rose almost 3.2 percent from this September’s numbers.
Northwest Multiple Listing Service (NWMLS) figures for 21 of the 39 counties in Washington State show year-over-year improvements in inventory (up 5.5 percent), closed sales (up 12.5 percent), and selling prices (up 7.7 percent).
In King County, growth was even stronger. With 3,047 new listings, October didn’t disappoint despite the government shutdown. The median price for 2,798 closings was $380,000.
For single family homes (excluding condos), King County’s median price was $426,000, or 15.1 percent higher than a year ago.
“We are seeing inventory stay on the market longer, which will continue through the holiday season until late January to mid-Feburary,” indicates NWMLS director, George Moorhead. However, more inventory is still needed to meet demand. The supply of homes for sale continues to be low. Currently, in King County there is a 1.75 month-supply (normal is 4-6 months).
Find out about the rest of the United States housing market from The Seattle Times.
Article adapted from NWMLS.