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Is Washington's housing market balancing out?

The latest housing report on the Northwest shows things looking slightly better for buyers. Inventory of houses for sale was nearly 10% higher in May than it was the same time last year — 8,700 listings available in May, up from 5,500 last May. It's the largest selection of for-sale homes since September 2020.

The report from the Northwest Multiple Listing Services states that prices are still rising. There remains less than one month supply of homes.

Mike Larsen is on the board of directors of the Northwest Multiple Listing Service. He says that in Pierce County, the days of "multiple offers and waived inspections" are behind us.

“Home sellers really need to re-think their expectations,” Larson said in a statement.

Larson said the housing market is “more balanced and not so crazy, and that’s a good thing. Buyers are getting a little relief – not much, but a little as we’re slowly easing back into the kind of market we had pre-Covid.”

Snohomish and Douglas counties more than doubled their listings from a year ago.

“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."