In Washington state, housing inventory dropped to 9,091 at the end of February, the first time it has ever fallen below 10,000.
HousingWire reports that, according to recent statistics from Northwest Multiple Listing Service, brokers say that the inventory levels have led to rising prices and fewer sales.
Pending home sales decreased 8.9 percent for the year and brokers added only 17,572 listings over the last three months, a 5.7 percent drop from last year.
“Sellers are frustrated when they cannot find another home to match their current needs, or when a home goes off market so fast that the option of a contingent sale is not even considered,” MLS director George Moorhead said. “That mood has escalated into a panic as other buyers up the ante – at times to a level that even causes real estate professionals to shake their heads.”