NWMLS: Seattle housing market shows no signs of slowing in August

Every month I hope to see some good news for buyers in the numbers. Every month I am disappointed. Listings are still in short supply, sales are strong, and prices just keep going up at a breakneck pace. Sorry, buyers…

NWMLS: Listings and Sales Slip, Prices Edge Up in July

July market stats have been published by the NWMLS. Let’s dive into the numbers for July.

Prices keep climbing as listings are still scarce. What more is there to say? So far this year we haven’t seen any movement in the trends that point to some kind of change coming soon in the market.

King Co. SFH New Listing Absorption Rate

New Listing Absorption Dropping Rapidly From December High

By request, here are a few alternative takes on recent home listing activity. Since one of the biggest issues driving the current crazy market is a lack of enough home listings, we can get an idea of whether or not there is any relief on the horizon for buyers by looking at listing activity.

First up, here’s a chart I just created: New listing absorption. This is a simple look at the ratio of pending sales to new listings. If more homes are going pending in a month than there are being listed, this ratio goes above 100 percent, which is obviously not great for buyers.

…what’s interesting to me about this chart is that just last December we saw new listing absorption an all-time high of 159%, while as of June it has fallen to almost the lowest level since the market bottomed out in 2011. However, this is obviously a very seasonal metric, and the low point for the year usually comes in June or July, so it would not be surprising if this is the lowest level we see this year.

City of Seattle Population Growth

NWMLS Falsely Inflates Seattle’s Population Growth

It’s time once again for a reporting roundup, where you can read my wry commentary about the news instead of subjecting yourself to boring rehashes of the NWMLS press release (or in addition to, if that’s what floats your boat).

For a month that saw home prices shoot up to insane new all-time highs, the quotes from home salesmen in this month’s release are surprisingly calm.

I do want to address one glaring error in the release, though:

Seattle’s growing population is another likely factor. Recent U.S. Census Bureau data shows Seattle is gaining about 1,100 residents per week, an “astounding” figure, said MLS director Diedre Haines.

That number is false. The most recent data available shows a growth rate of less than half that level…

NWMLS: Prices are obscene and the market is still stupidly hot, but June saw a record high monthly increase in inventory

June market stats have been published by the NWMLS. Their press release hasn’t been published yet, so maybe we’ll do a reporting roundup tomorrow and take a look at Lennox Scott’s breathless Lereah-esque bloviations.

For now, let’s just dive into the numbers for June.

New listings are coming on at a decent pace and inventory actually saw a decent increase, but buyers are still snatching up most listings very quickly. The average time on market in King County for single-family home sales that closed in June was just 17 days—an all-time low…

NWMLS: “May was a Grand Slam” …For Home Salespeople

May market stats have been published by the NWMLS this morning. Here’s their press release: Brokers suggest improving inventory may mean”season of opportunity” for weary house hunters

Pending sales have now been down year-over-year for four months in a row, but for three of those four months, closed sales have increased, which is certainly a bit odd. Perhaps this is indicative of a shift from last year toward fewer pending sales falling through. I’ll see if I can find anything else interesting in the data about that…