Published: Tuesday, July 8, 2008
Inventory increases as home sales slow
In Snohomish County, pending sales dropped 37 percent and closed sales were down 48 percent.
Continued slow home sales in Washington state have boosted the houses available in the Puget Sound area to enough to supply the market for the next 6.7 months, the Northwest Multiple Listing Service reported Monday.
The listing service said sales rose in June to the highest level since last August, but it still remained a buyer's market.
In Snohomish County, inventory was up, sales were down and prices were lower than they were a year ago.
While the number of available homes has increased in recent months, the local market is still more balanced than in other parts of the country, the listing service reported. Nationally, the number of homes for sale amounted to a 10.8-month supply based on the June sales pace.
In the county, inventory was up nearly 16 percent, with 7,173 listings for sale in June. Pending sales dropped nearly 37 percent to 915 homes and closed sales dropped about 48 percent to 739 homes. The median price was $329,450, compared with $355,000 a year ago, a 7.2 percent drop.
Brokers had been hoping that sales would revive this spring and summer, but there have been no dramatic changes.
The listing service noted that interest rates remain lower that a year ago, when 30-year mortgages stood at 6.63 percent. Last week, the mortgage average was 6.35 percent. Brokers also pointed to FHA-insured loans, which are available for people with flawed credit. The agency recently increased the cap for loans in Snohomish County from $363,790 to $567,599.
The listing service said sales rose in June to the highest level since last August, but it still remained a buyer's market.
In Snohomish County, inventory was up, sales were down and prices were lower than they were a year ago.
While the number of available homes has increased in recent months, the local market is still more balanced than in other parts of the country, the listing service reported. Nationally, the number of homes for sale amounted to a 10.8-month supply based on the June sales pace.
In the county, inventory was up nearly 16 percent, with 7,173 listings for sale in June. Pending sales dropped nearly 37 percent to 915 homes and closed sales dropped about 48 percent to 739 homes. The median price was $329,450, compared with $355,000 a year ago, a 7.2 percent drop.
Brokers had been hoping that sales would revive this spring and summer, but there have been no dramatic changes.
The listing service noted that interest rates remain lower that a year ago, when 30-year mortgages stood at 6.63 percent. Last week, the mortgage average was 6.35 percent. Brokers also pointed to FHA-insured loans, which are available for people with flawed credit. The agency recently increased the cap for loans in Snohomish County from $363,790 to $567,599.
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