The November 2024 stats report underscores the affordability challenge, as evidenced by a 7% increase in median house prices compared to last year. The Federal Reserve reduced the lending rates in September and is expected to do so again this month. However, that reduction did little to nothing to alleviate the pressure on the mortgage lending rates. Economists and analysts are constantly under pressure to spin the news positively. My commitment is to provide the most accurate assessment. I have projected that home prices will only stabilize for almost a year once mortgage lending rates settle in the 5.5 to 5.75 percent range. That is not likely to happen for another twelve to eighteen months. Recent political developments may cause things to get much worse before getting better. We will get a clearer picture of that in the next six months or so. Keep an eye out for an article I will soon publish here about the housing market in Western Washington.