Housing inventory at highest level since 2018

Housing inventory is compared based on months of inventory available. Six months of inventory is considered a balanced market. Housing inventory in July increased to the highest point since 2018 – just over two months of inventory in the Northwest MLS. That may not seem like much, but it is a big change from previous months and inventory continues to increase.

The market is still shifting. Active listings of both single-family homes and condos nearly doubled year over year. New listings grew nearly 15% to 11,805 from June to July. Pending sales are down 24% and closed sales decreased 30%, compared to July 2021.

It’s not all bad news for sellers. The median price of homes and condos in King County rose about 2.7% from June to July, from $789,000 to $810,000. The median price rose 5.4% in Kitsap County, 9.3% in Snohomish and 12.7% in Pierce. 

I’m happy to help you better understand this shifting market. Contact me if you are looking to buy or sell your home.