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.
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.”
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