Northwest Real Estate in August: Sales up 7% YoY, Inventory down 23% YoY

The Northwest Multiple Listing Service reported Northwest MLS brokers say August housing activity follows patterns of seasonal slowing

August typically brings a dip in housing activity and this year was no different, according to representatives from Northwest Multiple Listing Service when commenting on newly-released statistics. Figures comparing July to August show month-to-month drops in new listings, total inventory, pending sales, close sales, and median prices.

"August showed a more traditional seasonal pattern with decreased activity as families took end-of-summer vacations and made back-to-school preparations," remarked Frank Wilson, Kitsap regional manager and branch managing broker at John L. Scott Real Estate.
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NWMLS statistics show the volume of new listings added during August, including single family homes and condominiums, declined from both July (down 11.5%) and twelve months ago (down 4.2%). Total inventory for the 26 counties in the report also fell, shrinking about 6.6% from July and nearly 22.6% from a year ago. At month end, there were 7,425 active listings, down from the year-ago total of 9,591.
emphasis added

The press release is for the Northwest MLS area. There were 10,571 closed sales in August 2021, up 7.4% from 9,847 sales in August 2020.  Active inventory for the Northwest was down 22.6%.

In Seattle, sales were up 10.1% year-over-year, and inventory was down 43.9% year-over-year. This puts the months-of-supply in Seattle at just 0.40 months.