Northwest Multiple Listing Service brokers reported year-over-year gains in pending sales, closed sales and prices, but its report summarizing September activity also showed an 18% drop in inventory compared to a year ago.
At the end of September, MLS brokers reported 15,982 total active listings, down more than 18% from the same month a year ago when the selection totaled 19,526 listings.
The press release is for the Northwest. In King County, sales were up 7.5% year-over-year, and active inventory was down 17.5% year-over-year.
In Seattle, sales were up 12.3% year-over-year, and inventory was down slightly year-over-year.. The year-over-year increase in inventory has ended, and the months of supply is still low in Seattle (2.6 months). In many areas it appears the inventory build that started last year is ending.