The Pierce County housing market kept up its sizzling pace in August, with sales and median prices once again rising by significant double-digit margins, according to Northwest Multiple Listing Service data released Thursday.
Home sales rose 27 percent to 1,250 units last month from 984 units in August 2012, making it the fourth consecutive month in which monthly sales have topped 1,000 units, the combined single-family residence and condo data show.
Median prices, too, rose nearly 13 percent to $225,000 last month from $199,475 in the same year-ago period, the combined data show.
But inventory levels, which once had fallen sharply and played a role in driving median prices higher, have finally caught up as new listings have outpaced last year’s listings.
The result is that the number of homes for sale in August, compared with August 2012, essentially was flat, down to 3,769 units from 3,792 units a year ago, the combined data show.
Although the market has been strong, the change in inventory and slightly higher mortgage interest rates has had an effect on the market, said Dick Beeson, principal managing broker for Re/Max Professionals in Tacoma.
“While the overall market remains vibrant and active, we don’t appear to have the frantic ‘must have this home because there may not be another’ mentality among buyers,” Beeson said.
Pending sales also rose 11.4 percent to 1,486 units last month from 1,334 units in August 2012, the combined data show.
If all those pending sales become closed sales, which doesn’t always happen, the county will extend its monthly home sales streak of 1,000 or more units to five months.Rolf Boone: 360-754-5403 firstname.lastname@example.org