Western Washington’s housing market continues to balance itself out over the summer, with Northwest Multiple Listing Service (NMLS) brokers reporting more housing availability throughout the region.
Western Washington’s housing market continues to balance itself out over the summer, with brokers reporting more housing availability throughout the region.
Alongside increased inflation, mortgage rates have spiked nationally, with July’s 5.41% mark the highest since June 2009 . The year’s high, 5.52% in June, is the highest since 2008’s seven-month stretch from May to November during the Great Recession, when it surpassed 6.0%. Active listings have nearly doubled from a year ago, jumping from 7,948 single-family homes and condos to 15,381 . The addition of 11,805 new listings during the month contributed to the boost. Compared to June, the selection expanded by 1,976 listings .
Industry experts consider less than four months of inventory to be a “seller’s market.” NMLS noted every county in the report — except San Juan and Columbia — had less than four months. All four counties in the Puget Sound region had less than 1.9 months of supply.
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