Brokers added the largest monthly number of new listings during July since May 2019, but pent-up demand from homebuyers meant inventory remained tight, according to Northwest Multiple Listing Service (NWMLS) representatives who commented on the latest housing activity report.
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MLS member-brokers reported 9,840 closed sales during July, up slightly more than 3% from a year ago and the highest volume since June 2018 when they notched 10,072 completed transactions.
emphasis added
There were 9,840 sales in July 2020, up 3% from 9,540 sales in July 2019.
The press release is for the Northwest. In King County, sales were up 4.3% year-over-year, and active inventory was down 32% year-over-year.
In Seattle, sales were up 10.4% year-over-year, and inventory was down 15.3% year-over-year.. This puts the months-of-supply in Seattle at just 1.5 months.
The closed sales are for contracts mostly signed in May and June, and as expected, there was a rebound in the July report.