Puget Sound housing market remains ‘frenzied’ heading into fall months

 Puget Sound housing market remains ‘frenzied’ heading into fall months

Housing activity in the Puget Sound region remained “very active” last month even as more inventory hit the market, according to a new report from the Northwest Multiple Listing Services (NWMLS).

While a slight cooldown in the market was detected in the late summer with less homes going under contract, the activity has bounced back with the report showing that brokers added a total of 11,373 new listings for single-family homes and condominiums in September. However, inventory remains historically low in the competitive market with prices only projected to increase in the next year.

NWMLS brokers reported a total of 7,757 active listings in September, slightly up from August’s high of 7,425 active listings but down 14.8% compared to the same time last year. Inventory for single-family homes in King County took a steep plummet in September, with total active listings down 32.5% from a year ago.

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