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May Housing Prices & Inventory Rise, Sales Fall

Photo: PT Money

NWMLS has released their May 2014 report on the local housing market and there's good & bad news for those on both sides of the coin. The median price of all houses and condos sold in May was $398K while median price on just single-family homes was $442K. Both of those are almost 6% higher than this time last year. Also up were active listing inventory (+10.6% YOY) and pending sales (+3.5%). Closed sales, however, were still down from May 2013 (-7.6%).

What does it all mean? According to one real estate exec, it means housing around Western Washington is on an upward trajectory, but inadequate inventory "in the right prices and locations" makes for a "very difficult market for purchasers and brokers."
· Housing Market Righting Itself as Buyers, Brokers Get Creative to Compete [NWMLS]
· NWMLS: Sale Down, Listings Up, Price Gains Slowed in May [Seattle Bubble]