Pierce County Housing Market Remains Slow, Steady in June

Home sales in June remained relatively slow and steady across Pierce County as housing market continues to stay "extremely competitive", Northwest Multiple Listing Service (NWMLS) brokers say.

In Pierce County, sales went up by only 2 units in June, according to a monthly report from the NWMLS.

Last month, NWMLS realtors closed sales on 1,118 homes, compared with 1,116 in May 2013 and 843 in June 2012. The year-to-year increase was 33 percent.

Prices of Pierce County homes also didn't see much change as last month's median sale price came in at $217,000, compared to $210,000 in May. A year ago, the median price was at $198,000 a year ago, which equals a 9.5 percent year-over-year increase.

OB Jacobi, a member of the board of directors for Northwest Multiple Listing Service, which includes local real estate agents and brokers, said the current market conditions  ̶  including rising mortgage rates, tight inventory and declining unemployment  ̶  are driving even more buyers into what is already an "extremely competitive housing market".

As a result of improved confidence in the U.S. economy, the interest rates for 2013 reached a new high in mid-June, Jacobi added.

The number of new listings in Pierce County also leveled off last month. In June, only 1,572 new homes were added to the listings while there were 1,576 in May 2013.

"The recent rise in interest rates has definitely brought more buyers into the market, but the inventory remains so low we have not seen a significant increase in sales," MLS director Diedre Haines said. 

Visit the NWMLS website to read the full press release.

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How would you evaluate the local real estate market? Are any of the new statistics cause for concern? Tell us in the comments section.