June 2024 Housing Market Update for Western Washington’s Puget Sound Region

The Goelzer Home Team
Published on June 25, 2024

Summary

While interest rates remain steady, an increase in inventory and closed sales transactions demonstrate that buyers and sellers are adjusting to the new normal.

  • Interest Rates Holding Steady: Interest rates continue to hover around 7% and are predicted to remain steady throughout the summer.
  • Homes for Sale (Inventory) is Increasing: Year-over-year inventory levels have improved dramatically. Relative to May 2023 the number of homes available has increased by 41%.
  • Prices Up, but Starting to Stabilize: Washington counties covered by the NWMLS saw an overall increase of 7% in the median price of sold homes, relative to May 2023.
  • It Just Might Be Time to Make that Move: With interest rates holding steady, inventory levels increasing slightly, and price increases starting to slow down, it may be the time to think about pursuing your real estate goals.

Remember, don’t try to time the market. Focus on your real estate goals and your timing.

Details

The real estate market has continued to pick up in accordance with the typical seasonal patterns seen in the Puget Sound region.

The overall number of homes sold and the median sales price of those homes increased year-over-year.

Interest rates have only slightly decreased over the past month, by 0.14 percentage points, to 7.03%. This means that prospective buyers’ purchasing power and prospective sellers’ willingness to give up their low interest rate mortgages continues to be constrained. However, for-sale inventory levels have increased dramatically year-over-year, which may help to stabilize home prices.

Washington counties covered by NWMLS saw an overall increase of 7.3% in the median price of sold homes. The median sale price increased in 17 out of 26 counties, decreased in eight counties, and remained unchanged in one county (Grant) relative to May 2023.

The three counties with the highest median sale prices were King ($890,000), Snohomish ($785,000), and San Juan ($744,500). The three counties with the lowest median sale prices were Okanogan ($302,000), Columbia ($275,000), and Ferry ($171,500).

Washington counties covered by NWMLS saw an overall increase of 6% in the number of closed sales transactions compared to May 2023. Twelve of the 26 counties covered by NWMLS in Washington saw an increase in the number of homes sold year over year, while 13 saw a decrease. Cowlitz county’s year-over year sales were unchanged.

The number of homes on the market increased throughout Washington with 24 out of 26 counties seeing a year-over-year increase. Overall, there was a 41% increase in active property listings in Washington counties covered by NWMLS.

The total number of condominium units for sale has increased by 70% year-over-year, with 2,071 actively listed units at the end of May. The median sales price for the 942 condominiums sold during May 2024 was $529,475, an increase of 11.5% year over year.

“With the 30-year fixed mortgage rate currently at 7.03% as of late May 2024, the purchasing power of prospective buyers remains constrained relative to a few years ago,” said Steven Bourassa, Director, Washington Center for Real Estate Research. “Year-over-year inventory levels have improved dramatically relative to May 2023, increasing by 41%. The number of year-over-year closed sales transactions saw a 6% increase, signaling that buyers and sellers are beginning to adjust to the higher interest rate environment. Higher levels of for-sale inventory should have an impact in stabilizing price levels over the summer months.”

For all your real estate goals, be sure to utilize the expertise, trustworthiness, and professionalism of our real estate team. Let us know how we can help you achieve your real estate Wants, Needs, and Dreams.

Information and statistics compiled and reported by the Northwest Multiple Listing Service.

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