The Northwest Multiple Listing Service reported Northwest MLS brokers report mixed activity during July, as volume of closed sales reaches 12-month high

July provided mixed messages on housing activity, noted one industry veteran when commenting on the latest report from Northwest Multiple Listing Service. The newly released MLS figures show last month’s closed sales reached a 12-month high. Member-brokers also reported the number of new listings (11,193) nearly matched pending sales (11,139). 

A closer look at new listing activity shows last month’s total was down from both the previous month (-6.7%) and the same month a year ago (-8.2%). The total number of active listings of single family homes and condos, at 16,787, was about the same as June’s inventory (16,680) and the selection of a year ago (16,773 listings). A comparison of the 23 counties in the Northwest MLS report shows about half the counties have more inventory than a year ago, and half have less.

System-wide there is 1.76 months of inventory, with King, Kitsap, Mason, Pierce, Snohomish and Whatcom counties all reporting less than two months of supply.
emphasis added

The press release is for the Northwest. In King County, sales were up slightly year-over-year, and active inventory was up 12% year-over-year.

In Seattle, sales were up 1.3% year-over-year, and inventory was up 45% year-over-year from very low levels.  The year-over-year increase in inventory has slowed sharply (although still up 45%), and the months of supply is still low in Seattle (2.0 months).   In many areas it appears the inventory build that started last year is ending.

Source – Calculated Risk