The August numbers have been released from the MLS and we have seen modest growth. Median Home Sale prices have increased over 7% over August 2012 numbers. The number of homes under contract also increased slightly by .84%. Our inventory has seen an adjustment as well, with a 5.1% decline.
The below chart shows the data comparing August of 2012 and August of 2013.
One reason the real estate market is showing moderate growth is due to our steady employment. The below graph shows the unemployment rate for the Tri-Cities Metropolitan Area which includes Kennewick, Richland, and Pasco. As you can see, year over year, our employment rate has been steady. We do see a slight spike in the winter as part of our economy is agriculturally based.
If you are interested in hearing more about our market and how it impacts your property, please give us a call: Jessica at (509) 947-2230 or Jennifer at (509) 947-5670.
