Novembers numbers are in, here's the recap:
Interest rates have dipped a bit to 7.2%, sparking some optimism. This drop could be good news for the market. However, the shortage of homes for sale is pushing prices up by 4.6% from last year.
In November 2023, NWMLS brokers closed 4,367 sales, a 16% decrease from the same month in 2022. While 19 out of 26 counties saw fewer sales, seven, including Grant, Okanogan, and Walla Walla, had more.
Median home prices are up 4.6%, hitting $601,341 in November 2023. San Juan, King, and Snohomish counties topped the median price charts, while Grant, Ferry, and Adams had the more affordable homes.
But here's the kicker: the number of homes on the market dropped by 17% compared to last year. The fall and winter slowdown, combined with a high-interest rate environment, are making it tough for buyers.
With a 7.2% mortgage rate, buyers' purchasing power isn't what it used to be. And folks with low-rate mortgages aren't eager to sell, causing a decline in transactions and available homes. For buyers, it means things are a bit tough with limited choices and higher prices. But for sellers, especially in certain counties, it could be a good time with prices on the rise and some areas seeing increased sales.
