Market Recap: The September numbers are in—let's take a look at what happened last month. The Federal Reserve’s reduction of interest rates in September sparked renewed buyer confidence, leading to double-digit increases in active and new listings, along with modest price gains. However, experts caution that without deeper rate cuts, housing affordability will remain a challenge.
September 2024 Key Takeaways:
Active and New Listings:
- 31.4% increase in total active listings (15,748 vs. 11,983 in Sept 2023).
- 12.7% rise in new listings (8,508 vs. 7,551 in Sept 2023).
- Largest inventory increases: Douglas (+67.8%), Pacific (+42.2%), Clallam (+41.6%).
Closed Sales:
- Closed sales rose 1.9% year-over-year (5,828 vs. 5,722 in Sept 2023).
- 11 out of 26 counties saw sales increase.
Median Sale Price:
- Median price up 5.8% ($635K vs. $600K in Sept 2023).
- Highest: King ($860K), San Juan ($829K), Snohomish ($760K).
- Lowest: Ferry ($209.5K), Adams ($270K), Columbia ($325K).
Consumer and Broker Activity:
- Showings remained steady (119,900 in Sept 2024).
- 16,668 properties eligible for Down Payment Resource (DPR) program.
source: nwmls.com
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