Home inventory up more than a third in the Evergreen State
JOEL MARTIN | Hagadone News Network | UPDATED 3 months, 3 weeks AGO
The housing market is showing signs of stabilizing, according to data released this month by the Northwest Multiple Listing Service.
JOEL MARTIN/COLUMBIA BASIN HERALD
Active home listings increased by more than a third over the last year, according to data from the Northwest Multiple Listing Service.
Median home prices increased slightly statewide and in Grant County, but dropped dramatically in Adams County between June 2023 and June 2024.
Joel Martin has been with the Columbia Basin Herald for more than 25 years in a variety of roles and is the most-tenured employee in the building. Martin is a married father of eight and enjoys spending time with his children and his wife, Christina. He is passionate about the paper’s mission of informing the people of the Columbia Basin because he knows it is important to record the history of the communities the publication serves. | July 26, 2024 3:03 AM
MOSES LAKE — There are a lot more homes available in Washington state than there were a year ago, according to data released in July by the Northwest Multiple Listing Service.
Statewide, there were 14,393 active listings in the state, in June 2024, the latest month for which data was available, a 35.7% increase over June 2023. The change wasn’t quite as noticeable in Grant County, which increased 20%, from 241 active listings to 289. Adams county remained the same year-over-year, at 43 available listings. The largest jump in the state was in Douglas County, which saw a 77.2% increase over the last year.
At the same time, closed sales decreased by 3.1% statewide, according to the NMLS, suggesting that despite recent decreases in interest rates, buyers still aren’t as active as they were a year ago. In Grant County, closed sales were up by 4%, while in Adams County, closed sales were less than half what they were in June 2023.
The median price of a home rose 4% statewide over June 2023, to $650,000. The story was a little different in Grant County, where the median price rose 6% from $349,990 to $372,450. In Adams County, the median price dropped dramatically, from $376,250 to $236,000, a 37% decrease.
New listings were up slightly across Washington, increasing 5.3%, which was comparable to Grant County’s increase of 5.1% In Adams County new listings jumped from 22 in June 2023 to 30 in June 2024, a 36% increase.
The increase in inventory suggests that the market in the Northwest may be moving toward stabilization.
“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,” CoreLogic Chief Economist Selma Hepp wrote in the NMLS’ announcement. “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.”
Joel Martin may be reached at jmartin@columbiabasinherald.com.
Active home listings increased by more than a third over the last year, according to data from the Northwest Multiple Listing Service.
Median home prices increased slightly statewide and in Grant County, but dropped dramatically in Adams County between June 2023 and June 2024.