{"id":105638,"date":"2019-02-08T10:24:39","date_gmt":"2019-02-08T18:24:39","guid":{"rendered":"https:\/\/seattlebubble.com\/blog\/?p=105638"},"modified":"2019-02-08T10:24:39","modified_gmt":"2019-02-08T18:24:39","slug":"nwmls-home-prices-are-falling-and-inventory-is-soaring-but-pending-sales-are-bouncing-back","status":"publish","type":"post","link":"https:\/\/seattlebubble.com\/blog\/2019\/02\/08\/nwmls-home-prices-are-falling-and-inventory-is-soaring-but-pending-sales-are-bouncing-back\/","title":{"rendered":"NWMLS: Home prices are falling and inventory is soaring, but pending sales are bouncing back"},"content":{"rendered":"

Get access to the full spreadsheets used to make the charts in this and other posts, as well as a variety of additional insider benefits by becoming a member of Seattle Bubble<\/a>.<\/em><\/p>\n

January market stats were published by the NWMLS yesterday. The King County median price of single-family homes fell year-over-year for the first time since March of 2012. Inventory is way up from a year ago, but pending sales started increasing year-over-year, so buyers may be coming back.<\/p>\n

Before we get into our detailed monthly stats, here’s a quick look at their press release<\/a>.<\/p>\n

Homebuyers resuming search amid improving inventory, attractive terms<\/strong>
\nHome buyers around Washington state are making their way back to the market, hoping to take advantage of improving inventory, attractive interest rates, and more approachable sellers, according to officials with Northwest Multiple Listing Service.
\n\u2026
\nJ. Lennox Scott, chairman and CEO of John L. Scott Real Estate, said buyers “came out of the woodwork” after the holidays, eager to take advantage of better housing conditions. “Areas close to the job centers are seeing improved affordability from spring 2018,” he said, attributing it to lower interest rates, strong job growth, and adjusted pricing.<\/p><\/blockquote>\n

I’m not a professional used-house salesman like Lennox, but to me it seems like not a great idea to compare your clients to insects crawling out of the walls in a dilapidated home<\/a>. But hey, you do you Lennox.<\/p>\n

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CAUTION<\/div>\n

<\/p>\n

NWMLS monthly reports include an undisclosed and varying number<\/a> of
sales from previous months in their pending and closed sales statistics.<\/p>\n<\/div>\n

Here’s your King County SFH summary, with the arrows to show whether the year-over-year direction of each indicator is favorable or unfavorable news for buyers and sellers (green = favorable, red = unfavorable):<\/p>\n