Single-Family Housing Demand Outpaces Supply in Washington

According to the Northwest Multiple Listing Service, the state of Washington’s housing inventory decreased 5.5% year-over-year in July, falling to a level that meets demand for just 2.6 months. Inventory is even lower in the state’s job centers, as the current pace of single-family home sales in King County would exhaust supply in only 1.5 months.

With supply decreasing and demand increasing, prices are rising accordingly. Statewide, closed sales rose 27.5% year-over-year in July, and the median sales price (including condos and single-family homes) rose 10.8%.

Read the full article at Puget Sound Business Journal