Around the Sound: King County alone in price drops and big inventory gains

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I promised an updated look at June data for the outlying counties, so let’s have a look at that. Here’s the latest update to our “Around the Sound” statistics for King, Snohomish, Pierce, Kitsap, Thurston, Island, Skagit, and Whatcom counties.

First up, a summary table:

June 2019 King Snohomish Pierce Kitsap Thurston Island Skagit Whatcom
Median Price $695,000 $515,000 $376,500 $391,657 $344,000 $402,500 $380,000 $417,750
Price YOY (2.8%) 0.7% 7.3% 10.6% 5.8% 5.1% 11.8% 7.1%
New Listings 3,487 1,480 1,751 491 618 207 273 397
New Listings YOY (10.7%) (12.2%) (10.4%) (17.8%) (2.2%) (12.7%) 7.1% (6.6%)
Active Inventory 4,625 1,841 1,945 611 569 350 449 654
Inventory YOY 24.4% 14.4% (7.9%) 3.7% (14.4%) 2.6% 6.1% 7.2%
Closed Sales 2,718 1,215 1,521 432 553 186 213 326
Sales YOY (1.5%) (1.7%) (8.6%) (5.5%) (0.5%) (11.0%) 0.9% (4.4%)
Months of Supply 1.7 1.5 1.3 1.4 1.0 1.9 2.1 2.0

King County is the only place where prices are declining, and it also has the largest increase in active listings compared to a year ago. On the flip side, pending sales were up the most in King County, and it had one of the smallest declines in closed sales (sales rose in Skagit though). In most of the other Puget Sound counties, sales are declining, and listings are either falling or not increasing by much, and prices are rising.

Here’s a look at new listings across the region:

New Listings of Single-Family Homes

New listings fell everywhere but Skagit County in June. Bad news for buyers hoping to find more selection as we head into the summer.

Next up: Active inventory.

Active Listings of Single-Family Homes

Inventory fell in Thurston and Pierce counties, but increased everywhere else. King and Snohomish saw the biggest gains, but both of those were far smaller than the gains we saw late last year and earlier this year.

Here’s the chart of median prices compared to a year ago.

Median Sale Price Single-Family Homes

The biggest increase in home prices in June was Skagit, where prices rose 12 percent. Kitsap was close behind with an 11 percent increase. Every other county was in the single digits.

Closed Sales of Single-Family Homes

Closed sales were down in every county but Skagit, where they managed an increase of less than one percent.

Months of Supply Single Family Homes

This graph is the most telling—every county is still a very strong sellers’ market. Most counties are slightly better for buyers than they were a year ago, but we’ve still got a long ways to go before we get even close to what most people would call a “balanced” market (4-6 months of supply).

If there is certain data you would like to see or ways you would like to see the data presented differently, drop a comment below and let me know.

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NWMLS: Home prices and sales stagnated in June

The NWMLS just published their June stats, so let’s take a look at how the month shook out for the housing market. The King County median price of single-family homes was down year-over-year again in June, the fourth month in a row of declines. Inventory was up from a year ago again, but the as we mentioned in the preview post earlier this morning, the rate of increase is rapidly declining from the all-time high set in December. Closed sales were down a bit from a year earlier, while pending sales were up slightly.

Stats Preview: Sales dipped in June as listings increase shrank further

This is the last post in today’s data catch-up marathon. I’ll also update a few more of the spreadsheets for members, and if the NWMLS posts their June data today I’ll try to get that up as well.

For now, let’s have a look at our “early” view on June stats.

In summary: Listings are still up from a year ago, but not by as much as they have been. Sales are down, but only just a bit.

Consumer Confidence has been stagnating, and fell in June

As part of our data catch-up extravaganza, let’s check in in on the latest data from the Consumer Confidence Index.

The overall Consumer Confidence Index currently sits at 121.5, down 7.5 percent in a month and down 4.4 percent from a year ago.

Case-Shiller Tiers: High Tier Price Drops Accelerate

Let’s check out the three price tiers for the Seattle area, as measured by Case-Shiller. Remember, Case-Shiller’s “Seattle” data is based on single-family home repeat sales in King, Pierce, and Snohomish counties.

Year-over-year price growth is falling in all three tiers, with the high tier having flipped to year-over-year losses as of February.

Case-Shiller: Seattle-Area Home Prices Flat in April

Let’s play a bit of catch-up today with some stats that I’ve allowed to fall behind. First up, the latest Case-Shiller data from a couple weeks ago. According to April data that was released late June, Seattle-area home prices were:

Up 1.1 percent March to April
Up less than 0.1 percent YOY.
Up 30.9 percent from the July 2007 peak

Last year at this time prices were up 2.7 percent month-over-month and year-over-year prices were up 13.1 percent.

NWMLS: Listings up, sales flat, prices fall in May

The NWMLS published their May stats today, so let’s take a look at how the month shook out for the housing market. The King County median price of single-family homes was down year-over-year in May, the third month in a row of declines. Inventory was up from a year ago again, but the as we mentioned in the preview post earlier this week, the rate of increase is rapidly declining from the all-time high set in December. Pending and closed sales are increasing, but only modestly.