Industry News

Pacific Northwest home sales slide

Plethora of listings allows buyers to weigh options

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The housing market in western and central Washington continued to cool in November, as a massive supply of inventory and buyer caution slowed sales for the ninth straight month, according to the latest figures from the Northwest Multiple Listing Service. According to statistics, there were 7,073 total sales of single-family homes and condos last month, down 11.4 percent from a year earlier when 7,987 sales were recorded. NWMLS director Dick Beeson said the changing market is causing anxiety among some of the newer real estate agents, some of whom have never experienced a slower cycle. "Their perception is 'the sky is falling' because their listings don't sell in two weeks or they haven't received multiple offers. The reality is we have entered a more normal, balanced real estate market." As a result, fewer property owners placed their homes on the market in November, with NWMLS members adding just 8,453 listings to the inventory, down from the 11,910 listings added to the MLS in ...