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Buyers may get some relief in the housing market if the latest figures from Northwest Multiple Listing Service (NMLS) are sustained. But brokers say there is little chance the housing bubble in western Washington will burst.
Inventory of homes for sale at the end of October was at its highest this year, and the 6.8 percent rise in pending sales marked the first single-digit gain all year, according to NMLS, which tracks the markets in King and 16 other counties. Prices for last months closed sales still rose 20 percent or more in most NMLS-monitored areas compared to a year ago.
On a percentage basis, King County experienced one of the lowest price increases in October. The median price for last months completed sales of single family homes and condominiums was $355,000, an increase of $60,000 (20.3 percent) from a year ago. For single-family homes (excluding condominiums), the median selling price was $390,000, up from the $325,000 for the same period a year ago. Condos, which accounted for about one-fourth of King Countys residential sales last month, had a median sales price of $215,000; a year ago, it was $195,000, NMLS said.