Housing Market Report

Posted: October 15th, 2015 by Brad

The latest statistics from the Multiple Listing Service (MLS) show a double-digit drop in inventory, a double-digit jump in closed sales and a near double-digit increase in prices from a year ago.

Northwest MLS director Darin Stenvers also expects a slowdown, pointing to new rules for mortgage closings and rising interest rates as culprits.

“With the introduction of the new TILA-RESPA Integrated Disclosure (TRID) banking and closing disclosure requirements we will see longer closing timeframes for the foreseeable future. This will lead to a slowdown in closings and thus may slow the market until early or mid-2016,” explained Stenvers.

Despite an expected slowdown, closed sales through the first nine months of this year are running 16.6 percent ahead of the same period a year ago, with median prices up 9.2 percent.

The MLS report for September shows pending sales continue to outnumber new listings, resulting in inventory declines in most of the 23 counties in its service area. That imbalance leads to rising prices.

The condo market remained hot with both sales and prices up by double digits. Members reported 1,183 closed sales during September for a gain of nearly 30 percent from a year ago. Prices on last month’s sales jumped 13 percent, from $230,000 to $260,000.

Curious about what the market is doing in your neighborhood? Call us for your complimentary consultation (866) 766.7325.
NWREporter contributed to this report.

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