Puget Sound home prices up, inventory down – Puget Sound Business Journal

Home sales in the Puget Sound area continued to strengthen in September, with sales in 13 of the 21 counties tracked by the Northwest Multiple Listing Service showing double-digit gains in closed sales compared to September 2011.

Closed sales of single family homes and condominiums in King County were up 15.6 percent year over year for the month, with the median home price at $335,000, up 8 percent compared with $310,000 in September 2011.

Closed sales were not as strong in Snohomish County, up 5.14 percent in September compared with a year ago. The median home price, however, rose 14.56 percent to $261,658, from $228,400 a year ago.

Pierce County, meanwhile, lost ground, with closed sales down 4 percent and a median home price of $200,500, up 4.5 percent, from $191,750 a year ago.

Listings of single family homes and condos remained well below last year’s levels in all three counties in September: down 39 percent in King County compared to September 2011; down 49 percent in Snohomish County and down 27.8 percent in Pierce County.

While sales activity in September was stronger than last year, there was the traditional seasonal slowdown in sales that marks the start of the school year. For example, there were 6,432 active listings in King County in August, compared with 1,305 in September, with 2,730 closed sales in August, compared with 514 closed sales in September.

via Puget Sound home prices up, inventory down – Puget Sound Business Journal.