The Northwest MLS has released their Western Washington real estate statistics for June 2010. As we saw in May, home sales activity remained slow after the expiration of the home buyer tax credit on April 30, though it improved slightly over May. Median and average sale prices ticked up slightly for single-family homes, while remaining relatively flat for condos. Closed sales for King County were up 12.7% over June 2009 and up 5.2% over May. However, the decline in pending transactions continued. The number of new pending sales in King County was consistent with pending sales in May, but is down 27% compared to June 2009. With two consecutive months of declines in pending sales, we will see substantially lower closed sales in July and August than last year. Inventory of homes for sale is up 3% compared to last year at the same time.
King County Data for June 2010
- King County median prices are down 3.96% from twelve months ago.
- There were 2,348 closings in King County for single-family homes and condos, up 13% from a year ago.
- Pending sales for King County are down 27% from the same time last year and down 42% compared to April 2010.
- There were 13,793 active listings in King County for June 2010, up 3.3% from a year ago.
It is very clear that home buyers were lured to purchase earlier in the year by the $8,000 tax credit and we are now operating in a market without artificial government stimulus. Based on the statistics, home buyers were more likely to buy to secure a one time tax credit, but are not being enticed by record-low mortgage interest rates in May and June.
Follow the findwell blog for future monthly statistical updates.
Previous monthly updates:
- Northwest MLS statistics – May 2010
- Northwest MLS statistics – March 2010
- Northwest MLS statistics – February 2010
- Northwest MLS statistics – January 2010
- Northwest MLS statistics – December 2009
- Northwest MLS statistics – November 2009
- Northwest MLS statistics – October 2009
- Northwest MLS statistics – September 2009
- Northwest MLS statistics – August 2009
- Northwest MLS statistics – July 2009
- Northwest MLS statistics – June 2009