Local home sales robust, could strengthen nationally

Posted: September 7th, 2011 by Just Real Seattle

Seattle area buyers closed on 35 percent more homes in August than in the same month last year and are on pace to top last year’s total, according to statistics released Tuesday by the Northwest Multiple Listing Service (NWMLS).

All regions of the U.S. housing market show monthly declines except for the West, which continues to produce the highest level of sales contract activity, according to the NATIONAL ASSOCIATION OF REALTORS® (NAR). The Pending Home Sales Index(PHSI), which measures the number of home sales contracts signed nationally, slipped 1.3% in July, but is 14.4% above the level seen in July 2010. 

NAR chief economist Lawrence Yun said national sales activity is underperforming. “The market can easily move into a healthy expansion if mortgage underwriting standards return to normalcy,” he said. “We also need to be mindful that not all sales contracts are leading to closed existing-home sales. Other market frictions need to be addressed, such as assuring that proper comparables are used in appraisal valuations, and streamlining the short sales process.”

The West is the only region where the PHSI rose; 3.6% and is up 20.6% above a year ago. More houses sold in August than July — the first time that’s happened since 2006. Lower interest rates may be a reason. Closed sales were up 188 percent in King County and 97 percent in Snohomish County. Throughout King County, 41 percent more condos sold last month than in August 2010.

Sources: NAR, NWMLS, Seattle Bubble, Seattle Times

Leave a Reply

justrealseattle metropolitan Seattle Real Estate
FirstLast
Helps us to help you by knowing your neighborhood.
image description
Receive a
complimentary
Just Real Seattle

Home Packet.
Selling PacketBuying Packet
Yes, I'd like to receive your newsletter.

We strongly disapprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle top five deals
FirstLast
image description
Receive a
complimentary
Just Real Seattle

Interested in knowing what the last five top
residential real estate deals were in a specific neighborhood? Just specify your neighborhod of choice and we'll send you a complimentary report.

Yes, I'd like to recieve your newsletter.

We strongly dissaprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle metropolitan real estate stats
FirstLast
Helps us to know your neighborhood.
image description
Receive a
complimentary
Just Real Seattle
Real Estate
Stats Report.

We pride ourselves on being your "local economists." Providing you with current inventory and pricing data to help you make an educated and informed decision about the selling or purchasing your home.

Yes, I'd like to recieve your newsletter.

We strongly dissaprove of spam. Please know that your
email address and information will be used with the utmost respect.

Close
justrealseattle newsletter

Info you can use... Local Real Estate news,
lending info, home tips, property profiles, neighborhood happenings, local culture and more!

Close