Mr Gardner discusses the October NWMLS press release this week.
What I Saw Last Week
The Northwest Multiple Listing Service released its September data on the Washington State housing market and, as expected, we saw more of the same. For the 4-county greater Seattle area, year-over-year, listings declined by 25.6% (from 25.1% the prior month). Pending sales rose by 7.8% and closed sales were 16.6% higher. Home price growth rates moderated to an annual increase of 6.5% – down from 10.3% the previous month.
Consumer Credit in the U.S. rose by $16B in August, down from a downwardly revised $18.9B (from $19.1B) in July. I had forecast an increase to $19.5B. Revolving credit increased by $4.0B in August, from $914.5B in July to $918.5B in August. That was the sixth consecutive monthly increase in revolving credit. Non-revolving credit increased to $2,551.2B in August from $2,539.2B in July, a gain of $12.0B. That was the smallest increase in non-revolving credit since…
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