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Walla Walla Real Estate Update – July 2024
There are signs that the housing market is loosening up, and interest rates are declining and are likely to continue to drop more in the upcoming months. Here are the highlights we saw for the Walla Walla Valley during July.
Closed home sales are now 5% ahead of last year’s pace. Closed home sales remained active during July and new contract originations remained robust. The number of pending home sales – homes under contract but not yet closed – increased 34% over a year ago. This increase in pending sales points to busy closing months ahead.
Inventory increased 40% over a year ago. Buyers have more homes to choose from as more sellers bring their homes to market. Even with the increase, inventory levels remain historically low. Based on July’s rate of sales, there were 2.7 months of inventory available at month-end in comparison to 2.4 months a year ago.
Annual home price increases remained moderate. Through the first seven months of the year, Walla Walla’s median sales price has increased 5.6% over a year ago. While price growth slowed significantly from a few years ago, affordability is a continuing concern.
July’s Listings: 240
The month’s listings increased 2% over the previous month and ended 40% above the number of homes listed for sale a year ago.
July’s Closed Sales: 64
Home closings were on par with the previous month but ended up 25% ahead of the number of homes that closed a year ago.
July’s Median Sales Price: $420,000
The month’s median sales price dropped significantly from the previous month which saw more high-priced homes close. The month’s median sales price was still up 2.4% above July 2023.
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*NWMLS WA Data
