Seattle Housing Continues to Soften

The housing market continues to soften around Seattle according to recent stats published by the NWMLS.

Let’s use the year over year (YOY) measurement since since these are typically better indicators than the monthly fluctuations — although the monthly indicators indicate similar issues.

1. Listings are up 9.6% which creates a large supply of homes.
2. Closed Sales are down 2.9% YOY
3. Months of supply are up 12.9%
4. Median price is up 5.9%, but we would expect that number to decrease as items one through three above will likely create a drag on the market in the coming months.

Only time will tell…