Home sales dip, prices rise in June in Pierce County
The Pierce County housing market was mostly flat in June as monthly home sales dipped ever-so-slightly and median prices eked out a tiny gain of more than 1 percent, according to Northwest Multiple Listing Service data released Thursday.
Home sales fell 3.3 percent to 843 units last month from 872 units in June 2011, while median prices rose 1.39 percent to $198,000 from $195,277 in the same year-over-year period, the combined single-family residence and condo data show.
Pending sales also rose modestly, up 3.79 percent, while the total number of homes for sale continued to plunge, down more than 30 percent to 3,789 units from 5,501 units, the combined data show. A decline in inventory levels is thought to be beneficial for the market because it can stimulate demand.
The number of homes newly listed in June also fell, down to 1,276 units from 1,509 units, the combined data show.