August saw the lowest number of homes for sale in more than 20 years and the lowest mortgage rates on record. Sparse inventory and high demand pushed home prices to new highs.
- With pending sales outpacing new listings, inventory continues to shrink. Seattle has about one month supply of available homes. Four to six months of inventory is considered a balanced market, favoring neither buyers nor sellers.
- The region saw the second consecutive month of record-setting price growth with home prices experiencing near double-digit increases as compared to a year ago.
- Fierce competition among buyers has made multiple offers the norm for single family homes. In Seattle, 42% of home sold for more than the list price. Last August that number was 19%.