Here is the recap
– The Median home price in King County was $425, 000 last month, up 9% from July 2006 (NWMLS).
– The number of homes for sale increased more than 50+% in King and Snohomish County while the number of pending sales fell (NWMLS).
– Condo sales pending rose 3.7% and prices were 10.5% higher than last July. Nearly half of the condo inventory is in King County and the NWMLS reports that one in every 5 is new construction (NWMLS).
– Lending standards are slowing sales but are believed to create a healthier market in the long run by reducing the number of risky loans.
– And according to the PSBJ: Officials at NWMLS said that some buyers continue to look for bargains that are increasingly elusive and some sellers remain unrealistic in their pricing, with overpriced properties “languishing” on the market. Also, tougher lending standards are hurting sales but lending rates, they say, are “good.”