Pierce County home sales down, median prices up in February

Staff writerMarch 5, 2014 

Pierce County home sales fell in February, the second consecutive month in which sales have cooled after an earlier red-hot period for the market, new data released Wednesday by the Northwest Multiple Listing Service show. 
Last month, sales fell 3 percent to 692 units from 714 units in the same period a year ago, the combined single-family residence and condo data show.

Year-over-year sales in January were flat.
Although sales dipped, median prices rose in the same period, climbing 11.4 percent to $218,117 from $195,725, the combined data show.

Pending sales fell 8 percent from last February, while the number of homes for sale rose 8 percent to more than 3,000 units from more than 2,800 units.

The Pierce County housing market needs to see that inventory number grow because that total inventory figure, combined with the current pace of sales, equates to slightly more than a four month supply of homes, the combined data show.

In King County, the market is even tighter, with slightly more than a two month's supply of homes. Thurston County has about five-and-a-half month's supply of homes.

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