Inventory tight, home prices, pending sales rise in July
Aug 6, 2013, 11:53 AM | Updated: Oct 10, 2024, 2:06 pm
New figures from Northwest Multiple Listing Service show more than 9,500 pending home sales in July. (AP Photo)
(AP Photo)
July was a strong month for people buying and selling homes in King County. And sales prices continue to climb.
New figures from Northwest Multiple Listing Service, that include counties mostly in Western Washington, show more than 9,500 pending home sales, as reported by member brokers. It’s an increase of more than 13 percent from the same time last year.
In King County, pending sales for July were up almost 15 percent from a year ago. The median sales price for a single family home in King County has climbed $84,000 so far in 2013.
The July figures show more than 10,800 new listings for the multi-county survey region. But inventory remains tight. In King County, the supply of homes is estimated at 1-1/2 months, six months being normal. The inventory for condos is even tighter, down 16-percent from a year ago in King County. The median price for a condo in King County is up 15 percent from July of last year.
Real estate brokers say that rising interest rates are bringing new home buyers into the market, hoping to make a deal before rates rise further, which is spurring multiple offers and driving up prices.
