Inventory In The Pacific Northwest Falls To New Low

In Washington state, housing inventory dropped to 9,091 at the end of February, the first time it ​has ​ever f​allen​ below 10,000.

HousingWire reports that, according to recent statistics from Northwest Multiple Listing Service, brokers say that the inventory levels ha​ve​ led to rising prices and fewer sales.

Pending home sales decreased 8.9 percent for the year and brokers added only 17,572 listings over the last three months, a 5.7 percent drop from last year.

“Sellers are frustrated when they cannot find another home to match their current needs, or when a home goes off market so fast that the option of a contingent sale is not even considered,” MLS director George Moorhead said. “That mood has escalated into a panic as other buyers up the ante – at times to a level that even causes real estate professionals to shake their heads.”

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