Rising interest rates and home prices haven’t slowed buyer activity in the Walla Walla Valley yet. July was the 2nd busiest month of the year for closed home sales. At month end, annual homes sales were 8% ahead of last years pace.
Just enough listings came on the market in July to replenish the inventory that sold. However, the trend of year-over-year listing declines continued. There were 20% more homes listed for sale 12 months ago. The seller’s market continued for homes under $600,000 and listing inventory remained just below the 2 month level for the cities of Walla Walla and College Place.
Prices continued to move upward. At months end, Walla Walla’s median and average sales prices were 10% higher than the same period 12 months ago. Pending sales – homes under contract but not yet closed – declined 18% from the previous month.
While buyer activity remained strong, there were signs that the market is slowing a bit. Pending sales – homes under contract but not yet closed – declined 18% from the previous month. This typically happens in July as people focus on summer activities and vacations. However, we expect the market to remain very active as summer ends and we head into fall.
July’s Listings: 265*
The month’s listings ended on par with the previous month and but dropped significantly from the same period of last year. There were 20% more homes available 12 months ago.
July’s Closed Sales: 82*
Monthly homes sales nearly matched the previous month’s pace and finished 14% ahead of home sales for July of last year.
July’s Median Price: $259,700*
The month’s median price edged up 1% over the previous month as was 10% higher than the median price for July of last year.
Click here for Monthly Charts.
*WWMLS WA Data