July's Market Update

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The July statistics are in. Once a month I try to keep my friends and clients up-to-date on housing trends. Keeping up with the ever changing market is an essential part of my job. I will sift through the statistics and bring you the highlights so that you can make the most informed decision when it comes to buying or selling real estate.

July started to show early signs of a more balanced market. Home prices are still rising but the supply of homes is improving, prompting brokers to suggest some relief is in sight for would-be buyers. Last month was the best July in history in the Puget Sound real estate market possibly due to once sidelined and frustrated house-hunters resuming their search. Improved inventory is spurring sales. Price growth also appears to be slowing from the rapid growth that we’ve become used to in recent months.

Expect that the robust activity will slow in August as families focus on vacations and back-to-school preparations. The best opportunity for homebuyers to find a home will be in the next three months. Come mid-September the market will take off again until Thanksgiving. New listings coming on the market historically taper off in November.

The MLS report dismissed murmurs of a housing bubble. this market is not like it was in 2005-2007 when it was driven by speculation and loans to people who could not afford them. If interest rates remain low and inventory levels remain at historic lows, a bubble is unlikely.