August 2023 Market Recap: August Home Prices in Northwest Show 2.5% Year-Over-Year Increase
According to a report from Northwest Multiple Listing Service, home prices for August saw a 2.5% year-over-year increase, marking the first such increase since January. However, other key metrics, including new listings, pending sales, and closed sales, showed declines. Rising mortgage rates have been cited as a factor affecting sales, with the average interest rate on a 30-year home loan reaching 7.23% in August. Despite slower activity, supply remains constrained with only 1.71 months of inventory.
source: nwmls.com
A Guide to Choosing a General Contractor
