Industry News

Northwest real estate sales drop

Despite inventory growth, prices rise nearly 15%

Home sales in western Washington dropped 8.6 percent in April from a year ago, as prices posted yet another month of double-digit growth, according to the latest figures from the Northwest Multiple Listing Service. Brokers reported 8,044 closed sales last month, down from 8,802 reported a year ago. The overall median selling price for single-family homes and condos was $299,500 in April, up 14.7 percent from the same month a year ago, according to NWMLS. Seven counties reported price jumps of 20 percent of more, topped by Jefferson County where prices spiked 33 percent compared to 12 months ago. The inventory picture brightened in several areas last month. Members added 12,594 new listings to inventory, improving on the year-ago total of 12,116, and falling just shy of the March figure of 12,639. The new listings included 10,740 single-family homes and 1,854 condominiums. With those additions, the inventory at month end totaled 25,215 listings, a jump of almost 21 percent from the s...