Washington State Hurting For Homes For Sale -2nd Worst In USA
The housing market has been as hot as this week's forecast (triple digits!) but what goes up has to come down at some point and perhaps that point is here.
Housing In America-It's Complicated
A new survey, including data on more than 250 cities and all states with available data, shows the months’ supply of homes, which measures how long it would take the current supply of homes to sell at the current sales pace, fell by more than 46% from May 2019 to May 2022. Experts say:
Months’ supply of homes is an especially important indicator in the real estate market because it correlates with how long homes spend on the market and what they sell for. When months’ supply is low, homes spend less time on the market, and a higher percentage of homes sell above their initial list price.
Housing Stats In Washington State
In Washington State, homes spend an average of 7.2 days on the market—which is reflective of an average months’ supply of 0.75, compared to the national months’ supply of 1.37. According to research from realtor.com, the totality of America's housing shortage adds up to a historic low deficit of 5.24 million homes.
Here's how Washington stacks up against the national picture.
Avg Month's Supply 0.75 1.37
Avg Days on Market 7.2 20.6
% Sold above asking 62.4% 53.3%
Median Sale Price $634,766 $409,030
Out of all U.S. states with available data, Washington has the 2nd least home inventory.
A Summary Of The Data For Washington
Average months’ supply: 0.75
- Average days on market: 7.2
- Percentage of homes sold above asking: 62.4%
- Median sale price: $634,766
For reference, here are the statistics for the entire United States:
- Average months’ supply: 1.37
- Average days on market: 20.6
- Percentage of homes sold above asking: 53.3%
- Median sale price: $409,030
And still, inflationary conditions exist that point to a cooling market:
1.) Mortgage applications have fallen to their lowest level in more than two decades,
2.) The average rate for a 30-year home loan approximately doubled over the last year
For more information check HERE.