Across the U.S., pending home sales slid 4.1% month over month in February 2022 and 5.4% annually from last year. Why? In a nutshell, lack of inventory. NAR Chief Economist Lawrence Yun states it eloquently: “One cannot buy what is not for sale.”
It is important to note that these numbers quoted by NAR are for the entire U.S. Specific regions around the PNW may be higher or lower than these national numbers. For example, in King and Snohomish Counties, from 2021-2022 in February the decrease year-over-year was just over 3.5% for single family homes and condos. For the year-over-year period from March 2021-March 2022 (numbers just out), the decrease was larger, just shy of 5%.
No matter where you look, it appears inventory is and continues to get tighter. Compounding things, interest rates have increased significantly in the past month or so, making purchasing a home even more difficult. As a result, many would-be buyers are getting priced out of the market. Some single family home buyers are shifting to condos since they are more affordable.
If you are curious about what is happening in your neighborhood, please reach out! I am here as your resource to keep you informed on what is likely your largest single investment: Your home!