Industry News

Northwest home sales stuck in 5-month rut

Inventory grows by 2,000-plus listings in July

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Home sales in western Washington fell for the fifth straight month in July, as year-over-year prices continued their impressive double-digit growth, according to the latest report from the Northwest Multiple Listing Service. Brokers reported 8,496 sales last month, down 15 percent from a year earlier when 9,999 sales were recorded, according to MLS statistics. Realtors report that the consistently rising inventory has been a major factor in the sales slowdown. Area-wide there are about 9,000 more listings now than at this time a year ago, NWMLS reported. Five counties (Island, Kitsap, Pierce, Skagit and Thurston) reported inventory increases of 50 percent of more from 12 months ago. At month-end, NWMLS brokers represented 31,910 active listings of single-family homes and condominiums, up 39.7 percent from 22,839 listings a year ago. In June there were 29,856 active listings on the market, according to last month's report. For last month's closed sales of single-family homes and condom...