Real Estate Market Recap (April 2024): Balancing Act
The housing market is showing signs of a seasonal upswing, with closed sales and median prices rising year-over-year despite rising interest rates. Here's a quick breakdown:
Good News:
- Closed sales increased nearly 10% year-over-year.
- Median sales prices rose in most counties, with some exceeding $1 million.
- Condo sales surged 15.6%, with prices following suit (11.5% increase).
- Inventory levels are up significantly compared to April 2023.
Headwinds:
- Interest rates continue to climb, squeezing affordability.
- Increased inventory suggests price stabilization may be on the horizon.
Expert Insights:
- Buyers and sellers are adjusting to the higher interest rate environment.
- More homes on the market could lead to price moderation in 4-6 months.
Consumer Activity:
- Showings held steady compared to March.
- Access to keyboxes (indicating buyer interest) ticked up slightly.
- Most listings offered Down Payment Resource program assistance.
Overall:
The market is finding a balance. While rising rates pose challenges, increased inventory suggests a potential shift towards price stability in the coming months.
source: nwmls.com
Median Home Sale Prices for April 2024 & 2023 for King, Snohomish, & Pierce County. From the data, home prices have increased from the previous year.
Median Home Prices and % of monthly Price change in April 2024. The majority of city's have seen an increase in sales price.
May Home Maintenance Tips
