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SEATTLE - The Northwest Multiple Listing Service (NWMLS) has released its market report for June 2024, highlighting a significant increase in home inventory that is expected to stabilize market prices across Washington state.
According to the NWMLS, the inventory of homes for sale rose by 35.7% compared to June 2023, reaching 14,393 active listings. This surge in inventory is providing potential home buyers with more options, although high mortgage rates are still a concern. As of late June 2024, the 30-year fixed mortgage rate stood at 6.86%, which has affected buyers' purchasing power.
There was a 35.7% increase in the total number of properties listed for sale, with 14,393 active listings on the market at the end of June 2024, compared to 10,607 at the end of June 2023. (Northwest Multiple Listing Service)
The median sales price for residential homes and condominiums sold in June 2024 was $650,000, marking a 4% increase from $625,000 in June 2023. San Juan, King and Snohomish counties recorded the highest median sale prices, while Columbia, Adams, and Ferry counties had the lowest.
The number of closed sales transactions in June 2024 decreased by 3.1% year-over-year. This contrasts with the positive trends seen in April and May, where there were increases of 9.5% and 6%, respectively.
The report also noted that the months of inventory, which measures how long it would take to sell all current listings at the current sales pace, stood at 2.17 months. A balanced market typically has 4 to 6 months of inventory.
Selma Hepp, chief economist at CoreLogic, commented on the market dynamics: "While increased inventory of homes on the market this spring offered potential home buyers more options, elevated mortgage rates put affordability at the forefront of housing market concerns. Home prices did heat up again this spring in the Seattle metro area, putting the region among the strongest appreciating markets across the country. More inventory will slow pressure on home prices over time."
Consumer activity in June showed that keyboxes at listed properties were accessed 163,536 times, almost identical to May's 163,414 accesses. However, scheduled property showings dropped from 128,924 in May 2024 to 119,775 in June 2024.
Brokers are noting properties eligible for the Down Payment Resource (DPR) program offered by NWMLS. In June, there were 16,015 listed properties eligible for this program, a 15.3% increase over June 2023.
The NWMLS continues to monitor the market closely, providing up-to-date information and insights to help buyers and sellers navigate these changing conditions.
For more detailed data and updates, visit the NWMLS website.
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