📢 MARKET UPDATE - September 2023 🚨 (Greater Seattle Area/ King, Pierce, Snohomish)

[Aaron Morrow]

MARKET UPDATE - SEPTEMBER 2023

As we navigate the ever-evolving landscape of the Puget Sound real estate market, all have felt an air of change. The recent upturn in mortgage rates has caused the market to slow, with many buyers and sellers taking a step back. There has been a decline in the number of existing homes available for sale in Western Washington when compared year-over-year. This scarcity has ushered in a surge of interest in new construction, but it is clear that supply can't keep up with demand.

Looking at home prices, recent data indicates that sellers may have encountered a price ceiling. In King County, the median list price experienced a 2.7% decline compared to June. On the other hand, Snohomish County's asking price remained stable, and Pierce County saw a slight increase of 0.3%.

Looking ahead, Lawrence Yun, the chief economist at the National Association of Realtors, predicts a more favorable market on the horizon. Yun anticipates a loosening of inventory, with more resale and new construction homes entering the market. While he predicts lower interest rates, he does not believe there will be a decrease in prices. The Federal Reserve has predicted that the economy is expected to largely avoid a recession in 2024. This promising sentiment has ignited a flicker of hope and anticipation for a potential housing market rebound.

Here is a look at the data!

Let us know what you think! What have you been seeing out there!? 🤔