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The September 2024 stats report showed that the Federal Reserve’s further reduction of interest rates in September provided a positive end-of-summer boost to the market. Double-digit increases in active and new listings and single-digit increases in median home prices demonstrated a tentative balance between the ongoing seller’s market and newfound buyer confidence. However, soon after that report was published, the mortgage rates spiked to the highest since mid-August. I have written about this seesaw of mortgage interest rates. Most experts caution that housing affordability will remain out of reach for many would-be buyers without deeper cuts to interest rates.
Highlights:
- The number of homes for sale increased throughout the NWMLS coverage area. 22 out of 26 counties saw a double-digit year-over-year increase.
- The total number of properties listed for sale increased by 31.4%, with 15,748 active listings on the market at the end of September 2024, compared to 11,983 at the end of September 2023.
- NWMLS brokers added 8,508 new listings to the database in September 2024, an increase of 12.7% compared to September 2023 (7,551).
- The five counties with the highest increases in active inventory for sale were Douglas (+67.8%), Pacific (+42.2%), Clallam (+41.6%), Grant (+40.5%) and San Juan (+39.8%).
Closed Sales - The number of closed sales increased by 1.9% year-over-year (5,828 in September 2024) compared to 5,722 in September 2023.
The median price for residential homes and condominiums sold in September 2024 was $635,000, an increase of 5.8% compared to $600,000 in September 2023. The three counties with the highest median sale prices were King, $859,995, San Juan, $829,000, and Snohomish, $760,000.
I continue to believe that current homeowners who are aptly not eager to sell their homes because they have mortgages well under 4%, some even less than 3%, will remain a significant factor in the inventory shortage for some time. Mortgage lending rates will need to settle in the 5% to 5.5% range for any meaningful developments to occur.
Nevertheless, we see some indications that things are easing up a little in that regard. We have started to see listings in the $500,000 price range. Many listings on the market are adjusting their prices downwards, indicating that any significant price increase remains unrealistic. We are not anywhere near a balanced market. While we may get a more balanced real estate market in the next two to three years due to mortgage lending rates remaining much higher than in recent years, home prices will likely continue to slide in the foreseeable future.
A monthly market snapshot by NWMLS helps you stay better informed. Whether buying or considering putting your home on the market, the most important tool is current, accurate, and relevant information. You will find that information in most current real estate stats. If you need specific information about your neighborhood or the one you may be considering living in and don’t see it here, reach out, and we will get it for you.
Monthly market snapshot by NWMLS.
Annual Statistical Report for 2024
September 2024
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August 2024
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July 2024
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June 2024
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May 2024
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April 2024
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March 2024
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February 2024
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January 2024
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Annual Statistical Report for 2023
December 2023
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November 2023
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October 2023
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September 2023
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August 2023
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July 2023
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June 2023
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May 2023
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April 2023
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March 2023
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February 2023
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January 2023
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Annual Statistical Report for 2022
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December 2022
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November 2022
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October 2022
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September 2022
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August 2022
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July 2022
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June 2022
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May 2022
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April 2022
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February 2022
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January 2022
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Annual StatsFor Year-End 2021
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marketsnapshot – December 2021
December 2021
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marketsnapshot – December 2021
November 2021
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marketsnapshot – November 2021
October 2021
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September 2021
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marketsnapshot – September 2021
August 2021
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July 2021
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June 2021
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May 2021
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April 2021
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March 2021
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February 2021
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marketsnapshot – February 2021
January 2021
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