August data shows housing market returning to ‘more normalized conditions’

The latest statistics from the Northwest Multiple Listing Service show that the slowing housing market represents a return to more “normalized conditions,” as inventory through the end of August was nearly double that of a year ago, and more than triple the total at the end of the first quarter of 2022.

According to NWMLS’s August statistical data, brokers added 9,914 new listings during August, a drop from the 11,805 added in July and the year-ago total of 11,437.

Follow this link to read additional stories from KIRO

At the end of August, there were 14,683 total active listings of single-family homes and condos in the 26 counties included in the report.

“Many may not remember August is usually a slow month, because we were in a full-on sprint the last two years no matter which month it was,” said Jason Wall, a designated broker, owner at Lake & Company Real Estate and a member of the NWMLS board of directors. “This may just be an adjustment back to normal.”

NWMLS data shows that members reported 9,552 pending sales, a drop of almost 22% from last August’s total of 12,238. Every county except for Columbia saw a decline in pending sales.

The number of closed sales also declined from a year ago. NWMLS members reported 7,998 closed transactions in August, an approximately 24% drop from August 2021′s total of 10,571.

“Last month’s housing numbers certainly are eye-opening,” said Windermere chief economist Matthew Gardner. “However, I believe they are simply indicating the market is trending back to the more normalized conditions that we were seeing before the pandemic.”

“Buyers are realizing homeownership is a good hedge against inflation,” said Dean Rebhuhn, owner at Village Homes and Properties. “The market took a slight pause as mortgage rates increased from historic lows. Then, as sellers came to the market with realistic pricing, and price reductions on existing inventory occurred, pent-up buyer demand took effect and buyers found homes they could afford.”

Click here to read more about the August statistical data from NWMLS.

Follow this link to read additional stories from KIRO