October numbers are in, here's the recap:
In October 2023, the Washington state housing market felt the impact of rising interest rates, leading to the anticipated seasonal slowdown during the fall and winter.
Key Takeaways:
- Decline in Home Sales: 26 counties monitored by NWMLS, 24 saw a decline in home sales by an average of 18%, median home prices declined in 11 counties, rose in 14, and remained nearly unchanged in one.
- Pricing Disparity: The three counties with the highest median priced homes sold were San Juan County, King County, and Snohomish County, while the lowest median priced homes were found in Grays Harbor, Ferry, and Columbia counties
- Declining Housing Inventory: A notable trend was the declining housing inventory in 20 out of 26 counties, with a substantial 20% year-over-year decrease in active property listings.
- Mortgage Rate Impact: The nearly 8% 30-year fixed mortgage rate weakened buyer purchasing power, resulting in a continued drop in year-over-year transaction volume.
- Price Growth: An overall median price increased by only 1% across NWMLS-covered counties.
What does this means for Buyers & Seller:
Overall, the information suggests that both buyers and sellers need to carefully assess the local market conditions, consider the impact of interest rates, and time their actions strategically. Buyers should be prepared for a competitive market and potentially higher borrowing costs, while sellers should price their properties appropriately to attract buyers and take advantage of periods with reduced competition.
If you have any inquiries or wish to engage in a discussion about the current market conditions, please feel free to reach out!
