Despite higher home prices AND interest rates, buyers continued to purchase homes in Kirkland in July, according to statistics just published by the Multiple Listing Service.
Pending sales (contracted, not closed) of single family homes increased 13% from June to July and were up 39% over July 2012.
Inventory levels remain low at 1.6 months of inventory--still a seller's market. This means prices continue to rise, with average sold prices in July at $587,000, a 4% increase over one year earlier. However, average prices rose 18% from the beginning of 2013.
Kirkland condo sales in July were even stronger, with a 25% rise in pending sales over June levels and a 36% increase from July 2012.
Condo inventory was very low at 1.3 months and the average sold price was $332,000, a 1.5% increase over July 2012.
The market historically slows in August a bit, with buyers and sellers distracted with summer activities and vacations. Based on the number of new buyers seen at open houses in recent weeks, though, September and October promise to be active for real estate sales.