OCTOBER 2024

REAL ESTATE NEWSLETTER

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Listings On The Rise As Mortgage Rates Hit 24-Month Low

Listings On The Rise As Mortgage Rates Hit 24-Month Low

September 2024 was a Seller's Market!

Active and new listings saw notable growth across much of the region. 22 out of 26 counties experienced double-digit year-over-year increases. The total number of homes on the market grew by more than 30%, with over 15,700 active listings available at the end of September 2024, compared to just under 12,000 in September of the previous year. In addition, new listings rose by nearly 13%, as brokers added over 8,500 new properties in September 2024, compared to around 7,550 during the same month in 2023. Some counties saw particularly large surges in inventory, with Douglas, Pacific, Clallam, Grant, and San Juan counties leading the way. Closed sales also saw a slight uptick, with a 1.9% increase from September 2023 to September 2024. While 11 counties reported more closed transactions than the previous year, 15 counties saw a decline. On the pricing front, the median sale price for homes and condos reached $635,000 in September 2024, reflecting a 5.8% rise compared to September 2023. King, San Juan, and Snohomish counties reported the highest median prices, while Ferry, Adams, and Columbia counties posted the lowest. As for consumer and broker activity, property showings held steady, with nearly 120,000 scheduled showings both in August and September 2024. Additionally, over 16,600 properties were eligible for the Down Payment Resource program, providing potential homebuyers with opportunities for assistance.

REAL ESTATE MARKET NEWS
The Federal Reserve's further reduction of interest rates in September gave the housing market a much-needed boost as summer came to a close. This shift led to double-digit increases in both active and new listings, while median home prices saw a modest single-digit rise, signaling a cautious balance between the seller's market and growing buyer confidence.However, experts caution that housing affordability remains a challenge despite these positive trends. Interest rates, which remain over double what they were just three years ago, continue to limit access for many potential buyers. Without more substantial cuts to rates, a significant uptick in transaction volume seems unlikely.
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