Is the Pacific Northwest in a "Lull"?
Call it whatever you want, the fact is that home sales dropped during the end of July creating a serious buzz in the market. The inventory in King County has doubled since March, but the market is still well below a more balanced market of 4-to-5 months of inventory.
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“Home sellers throughout the Seattle region are experiencing a reality check and the days of multiple offers are days of the past,” was how one director with Northwest Multiple Listing Service summarized the market upon reviewing the statistical report for July.
"The 'lull' was short-lived," says President and CEO of RE/MAX Northwest. "We are already seeing the market come back in a big way. Prices are taking a breather, but the summer fun is far from over."