Home prices continued to climb dramatically in Snohomish County last month.
The median price for a home in the county rose to $372,150 in June, an increase of 8.7 percent over the previous year, according to the Northwest Multiple Listing Service.
And part of the reason for the increase is the continued lack of inventory on the market.
The county had only 1,746 active listings last month down from 2,310 for June 2015. That’s 24.4 percent fewer homes year over year.
The county has little more than a month supply of homes. Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. Four to six months of supply is considered a balance market.
Real estate agents point to a slight uptick in the number of new listings last month. Still, they say it will take some time for the market to become balanced.
“We have a long way to go to catch up with the demand,” stated Mike Grady, president and COO of Coldwell Banker Bain, in a statement.