The housing market heated up this summer and then cooled down.
According to Regional Multiple Service Listing Service reports for June, July, August and September, pending residential sales increased this summer while new listing, home prices and inventory wavered.
Clark County saw a tiny jump in residential sales from May to June, a sizzling start to an otherwise slow year.
New, pending residential sales increased more than 5 percent with 639 homes in June. But June’s pending sales were down about 5 percent from June 2022 and down more than 36 percent from June 2021.
Listing activity improved in June with 876 residential listings entering the market.
Homes that closed increased 15 percent from May to June — with 536 residential closings in the books. From January to June, 4,887 new listings were submitted.
“Clearly this market is bumping against a ceiling created by the lack of inventory,” Mike Lamb, a broker at Windermere Real Estate, said on his website.
As temperatures continued to soar into July, so did house sales. New pending sales jumped slightly with 650 homes. But new listings entering the market fell nearly 12 percent from the previous month.
Successful house closings also improved from previous months. July saw a nearly 3 percent jump, with 551 homes closing.
The average sale price also decreased 1 percent from $585,300 (June) to $579,400 (July).
The heat started to cool in August with new sales decreasing more than 15 percent from July. That was the lowest residential sales August has had since 2014. Listing activity also slowed in August with 716 listings submitted.
More people being preoccupied with vacation and high interest rates more than likely had an impact on buyers and sellers, Lamb said on his website.
The average sale price averaged $581,675 in August — up 0.3 percent from July.
“With summer vacations ending, we will know more about the direction of the market in October, but we know for sure we need more good listings,” Lamb said on his website.
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