Seattle-area inventory levels continue to rise as they have increased for the third straight month according to the latest NWMLS Market Update.
After months of remaining below one month of inventory, King County recorded its second consecutive month above that mark. In June it improved to 1.29 months of inventory, compared to .85 months at this time last year. The three other Puget Sound counties recorded inventory levels above one month as well: Snohomish with 1.2 months, and Pierce and Kitsap both with 1.26 months.
Despite a rise in inventory, the imbalance still shows in the rising home prices. Prices on the Eastside grew 10.5 percent, from $960,000 in May to a new record high of $978,000 in June. On the other hand, within Seattle, the median house price for June was $812,500, up 8.3 percent from June 2017, but down from the $830,000 record set in May.
Over the last 20 months Seattle has led the nation in home price increases according to the Case-Shiller Home Price Index. However, the latest data is only through April 2018, so it is not completely up to date with the area’s inventory growth.
Seattle’s rental market is also seeing a rise in inventory. With a number of new apartments opening across the city and a slew of new units still to come, the city’s rental market is seeing a bit of shift as well.