A brief excerpt:
From the Northwest MLS: Western Washington housing market “more balanced, and not so crazy – and that’s a good thing”
“Home sellers really need to re-think their expectations,” suggested Mike Larson, a member of the board of directors at Northwest Multiple Listing Service (NWMLS) when commenting on statistics summarizing May activity. …
Here is a summary of active listings for these housing markets in May. Inventory usually increases seasonally in May, so some month-over-month (MoM) increase is not surprising.
Inventory in these markets were down 28% YoY in February, down 4% YoY in March, up 10% YoY in April, and up 42% YoY in May! So, this is a significant change from earlier this year. This is another step towards a more balanced market, but inventory levels are still historically low.
1) New additions to table inĀ BOLD.
2) Northwest (Seattle) and Santa Clara (San Jose)
There is much more in the article. You can subscribe at https://calculatedrisk.substack.com/