Industry News

Northwest home sales fall 7%

Impressive price growth expected to slow
Published on Sep 14, 2006

Home sales in western Washington declined for the sixth straight month in August amid surging inventory, while home prices maintained double-digit annual growth, according to the latest report from the Northwest Multiple Listing Service. Brokers reported 9,479 sales last month, down 7 percent from a year earlier when 10,197 sales were recorded, according to MLS statistics. For last month's closed sales of single-family homes and condos, including those in Okanogan and Whatcom counties, the median sales price was $320,000, up 14.3 percent compared to the year-ago median of $280,000. MLS members added 14,077 new listings to inventory during August, 5.4 percent more than the year-ago total of 13,358 residential properties. At month-end, the volume of active single-family and condo listings was up 43 percent from a year ago, rising from 23,260 properties to 33,316. In July, there were 31,910 active listings by month-end, according to last month's report. Based on current indicators, ther...

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