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Category: Monthly Market Update

Monthly Market Update

Unsettled mortgage rates prolong uncertainty in the market

Closed sales increased by over 11% month-over-month, driven by a brief downturn in mortgage rates and a boost in buyer confidence amid hopes for continued rate declines.

November 6, 2024

Monthly Market Update

Lowered mortgage rates provide boost but affordability remains elusive

The further reduction of interest rates in September by the Federal Reserve provided a positive end-of-the-summer boost to the market.

October 3, 2024

Monthly Market Update

Will Increases in Inventory and Lower Mortgage Rates Ease Affordability?

Mortgage rates are at their lowest level since March 2023 (6.35% for a 30-year fixed rate mortgage as of August 29th).

September 5, 2024

Monthly Market Update

High Interest Rates Still a Problem, but Markets Are Improving

High mortgage interest rates continue to be a drag on home sales, discouraging both potential buyers facing high-rate mortgages and would-be sellers wanting to keep their low-rate mortgages.

August 5, 2024

Monthly Market Update

Increased inventory leads the way to market stabilization

Washington counties covered by NWMLS continue to follow seasonal trends with respect to inventory levels yet divert from typical patterns with regard to transaction volume.

July 3, 2024

Monthly Market Update

While interest rates remain high, an increase in inventory and closed sales transactions signal that buyers and sellers are adjusting

The real estate market has continued to pick up in accordance with typical seasonal patterns, with further increases in activity expected as we move fully into the summer months.

June 5, 2024

Monthly Market Update

Market activity increases despite “constrained” mortgage rate impacts

The real estate market has begun to pick up consistent with typical seasonal patterns, with further increases in activity expected over the next few months as we transition from spring to summer.

May 6, 2024

Monthly Market Update

Decreased mortgage rates have yet to influence the market

Interest rates have decreased by 0.15% over the past month to 6.79%, and while the rate decrease is encouraging, it has yet to have a significant impact on prospective buyers’ purchasing power or prospective sellers’ willingness to give up low interest rate mortgages.

April 3, 2024

Monthly Market Update

Cautious market optimism as seasonal changes take shape

The real estate market has remained slow in accordance with typical seasonal patterns, with expected increases in activity as winter transitions into spring.

March 5, 2024

Monthly Market Update

Prices and number of sales increased despite reduced inventory

Real estate market activity has remained slow in accordance with typical seasonal patterns.

February 5, 2024

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