NWMLS: October 2011 Seattle Housing Market Report
Housing activity during October shows mixed results with sales up, prices down, buyers still hesitant
KIRKLAND, WA, November 3, 2011. Befitting October and Halloween, last month’s housing activity had both tricks and treats. Northwest Multiple Listing Service members reported solid gains in pending sales (up almost 21 percent from a year ago), consistent demand in many price ranges, a shortage of homes in a few categories, and some resurgence of move-up buyers.
Despite those encouraging indicators, prices were down almost 11 percent area-wide compared to a year ago and brokers say there is persistent “hesitancy” in the market.
“All the pieces (for a recovery) exist — low interest rates, lots of choices, increasing loan availability as well as purchasing programs, yet as a whole the housing market has stalled in many places,” said Northwest MLS director Frank Wilson.
“What is holding back the housing market has little to do with houses,” Wilson stated, pointing to uncertainty in the stock market and volatile global economies, along with a more complicated, prolonged transaction process and lack of job creation.
Continue reading the NWMLS October housing news release – click to download (pdf)
