Western Washington housing market leveling as supply grows

The recent housing market is more balanced, as a new report shows a significant increase in active listings, a slowdown in sales and prices that are still rising, according to theThe days of “multiple offers and waived inspections, at least in Pierce County, are behind us,” said Mike Larson, a member of the NWMLS board of directors.

Over 13,000 new listings were added to the NWMLS inventory during May, an increase of 9.7% year-over-year. It’s also the highest monthly number since June of 2021. “The significant increase in the number of homes for sale has some speculating that the market is about to implode, but that is very unlikely,” said Matthew Gardner, chief economist at Windermere Real Estate. “What’s more likely to occur is that the additional supply will lead us toward a more balanced market, which after years of such lopsided conditions, is much needed.”

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