A ‘softening’ market for home sales? June’s numbers show a slight shift

July 06–Don’t despair, potential homebuyers.

After all the news of upwardly spiraling costs for homes and rentals, this month’s home sales report for Pierce County showed a slight shift in the other direction for the county.

Local home prices don’t just go up when King County prices do, they now have dropped in tandem — at least for June.

New numbers released Thursday from Northwest Multiple Listing Service show the median closed home sale price for Pierce County last month was $351,000, down from May’s $355,000.

In King County, the median for closed home sales was $715,000, down from May’s $726,275.

Thurston County continued its climb: $325,000 from $310,000.

“Inventory is up and demand has dropped,” Robert Wasser, an officer with the NWMLS board of directors, said in a news release accompanying the June numbers.

The latest scenario, Wasser said, makes “a pretty simple economic recipe for a softening market.”

NWMLS’ analysis of its report noted that pending sales were down nearly 11 percent from a year ago for the King-Kitsap-Pierce-Snohomish region. The 8,052 offers made last month in the region was the lowest total for June since 2014.

Home inventories for Pierce and King counties still hover a little over a month’s worth.

For condos, the median closed sales prices were as follows (with May’s numbers for reference):

— Pierce: $238,500 ($227,500)

— King: $430,000 ($427,000)

— Thurston: $189,750 ($199,500)

A sampling of other median closed home sale prices in June across the county showed a mix of results compared with May’s numbers (in parentheses):

— Gig Harbor/Key Peninsula: $496,945 ($497,500)

— University Place, Fircrest: $420,784 ($409,995)

— Puyallup: $351,950 ($364,950)

— North Tacoma: $415,000 (unchanged)

— South Tacoma: $269,000 ($264,000)

— Central Tacoma: $325,000 ($286,575)

— Lakewood: $304,805 ($329,000)

Debbie Cockrell: 253-597-8364, @Debbie_Cockrell

This article provided by NewsEdge.