Business

South Sound housing market is hot like the weather, but inventory remains tight

The South Sound housing market in June had just about everything an owner would ever want if they needed to sell.

Closed sales jumped more than 30 percent in Pierce and Thurston counties last month and median prices rose by 9 percent and 4 percent, respectively, according to single-family residential data released Monday by the Northwest Multiple Listing Service.

But here’s the catch: Can anyone actually find a house to purchase?

That might be the question on the minds of many buyers, because even though the South Sound housing market continues to sizzle like the weather, inventory got a little tighter last month.

The number of months of inventory in Pierce County stood at 2.18 months in June, down from 2.34 months in May, while in Thurston County it was 2.42 months last month, down from 3.15 months in May, the single-family residence data show.

But neither county has reached the King County experience. Single-family residence data show that months of inventory there has fallen to 1.18 months. The median price of a single-family residence also has reached $500,000, up 10 percent in the past year, the data show.

“The only real problem we’re experiencing today is the lack of inventory,” said Mike Gain, president and chief executive of Berkshire Hathaway HomeServices Northwest Real Estate, in a statement.

Meanwhile, here are the single-family residential numbers for Pierce and Thurston counties:

• Pierce: Closed sales rose 33.7 percent to 1,345 units last month from 1,006 units in June 2014. Median price in the same period is 9.4 percent higher at $257,000 from $234,925. And pending sales increased 21.1 percent to 1,759 units from 1,452 units in the same year-over-year period.



• Thurston: Closed sales jumped 34.6 percent to 455 units last month from 338 units in June 2014. Median price in the same period rose 4.17 percent to $249,950 from $239,950. Pending sales are 14.1 percent higher at 532 units from 466 units in the same year-over-year period.



  Comments