The Northwest Multiple Listing Service is reporting its sales numbers for June.  Last month they made big hay over an increase in pending sales.  However, while they are trumpeting pending sales again this month, the increase from last month doesn’t seem to be showing up in actual closed sales.

Closed sales for the 21 counties in the Northwest MLS service area are running slightly behind 2010 figures. Through June, members have completed 26,034 sales, which compares to a total of 27,624 closings for the midpoint of 2010.

MLS members reported 5,561 closed sales during June, down 3.5 percent from the same month a year ago when there were 5,763 closings. Five counties (Clark, Cowlitz, Jefferson, King and Mason) reported year-over-year increases in the number of closed sales.

Prices continue to decline as well, both from last year and from the beginning of this year.

Prices on last month’s closed sales area-wide were down about 9 percent from the same month a year ago, but compared to January, the drop is only about 2.8 percent. The median price for sales that closed last month was $240,950; a year ago it was $265,000. In January it was $250,000.

Inventory on the other hand is declining in the lower price ranges, and that is what will eventually stabilize prices.  In the $350k and less price ranges, inventory is even at 4 months in some areas.  Generally, higher price ranges have much more inventory on a months supply basis.

Northwest MLS members added 10,334 new listings to inventory last month, about the same number as a year ago when they added 10,354 new listings. With those additions, there were 36,871 single family homes and condominiums offered for sale in the MLS database at the end of June. That’s down about 14 percent from a year ago when inventory stood at 42,940 active listings.

Measured by “month’s supply,” there is about a 5-month supply of homes system-wide, which is considered to be a balanced (or neutral) market favoring neither buyers nor sellers. Inventory is tighter in King County where the month’s supply is about 3.7 months.