The Northwest Multiple Listing Service reported “November Surprise” brings “plenty of buyers”; uptick in home sales, prices

Brokers with Northwest Multiple Listing Service reported “plenty of buyers” competing for sparse inventory during November, which ended with a 7% year-over-year increase in pending sales. The volume of mutually accepted offers rose even more (9.2%) in the tri-county Puget Sound region consisting of King, Pierce and Snohomish counties, with Snohomish leading that list with a jump of about 12%.
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Brokers reported 11,366 total active listings at month end, down more than 28 percent from twelve months ago when there were 15,830 active listings. November’s selection was down about 21 percent from October.
emphasis added

The press release is for the Northwest. In King County, sales were up 11.1% year-over-year, and active inventory was down 33.5% year-over-year.

In Seattle, sales were up 21.7% year-over-year, and inventory was down 21.1% year-over-year..  The year-over-year increase in inventory has ended, and the months of supply is still low in Seattle (1.6 months).   In many areas it appears the inventory build that started last year is over.

Source – Calculated Risk