Industry News

Northwest home sales fall 7%

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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...