Industry News

Northwest real estate sales slide

Prices up 15% despite surging inventory

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Home sales in western Washington dropped 6.1 percent in June compared to a year ago, as prices maintained double-digit growth, according to the latest report from the Northwest Multiple Listing Service. Brokers reported 9,413 closed home sales last month, down from 10,027 reported in June 2005. Last month's decline is the fourth consecutive month of slower sales, according to NWMLS statistics. Brokers added 14,541 new listings to the Northwest Multiple Listing Service database during June, boosting inventory more than 25 percent from a year ago to 29,856 properties. This figure includes the addition of Okanogan and Whatcom counties, which became part of the MLS system in August 2005. "We are starting to get into a rhythm, a beat of even-handedness between inventory and the number of prospective buyers in the market," said MLS director Dick Beeson, broker at Windermere Real Estate/Commencement Associates in Tacoma. "The inventory continues to be higher than last year, but we'...