Inventory tight, home prices rise in June
By Jeanne Lang Jones, Puget Sound Business Journal
The inventory of homes for sale remained tight in King, Pierce and Snohomish counties last month, with prices up most sharply in King County.
The Northwest Multiple Listing Service showed a 41.8 percent drop in total listings of single family houses and condominiums in King County in June, a 48 percent decline in total listings in Snohomish County and a 31 percent drop in Pierce County compared to June a year ago.
Many homeowners with underwater mortgages may be cautious about putting their homes up for sale right now, perhaps encouraged by the current trend and hoping to hold out for higher prices.
Pending sales in June were up 17.5 percent in King County compared to June 2011. Pending sales were also up in Snohomish County, by 13.2 percent, and Pierce County, by 3.4 percent.
Meanwhile, Snohomish County had the biggest increase in closed sales compared to June a year ago, with an 18.4 percent gain. Closed sales in King County were up 13 percent, while closed sales in Pierce County declined by 3.3 percent.
The median price of a closed sale in King County in June was $348,000, up 9.78 percent, compared to the median price of $317,000 in June 2011.
Both Snohomish and Pierce County had significantly smaller price increases in June. The median price in Snohomish County in June was $249,000, up 3.8 percent compared to the median price of $239,925 in June 2011. In Pierce County, the median price was up just 1.4 percent at $198,000, compared to $195,277 for the period last year.