JUNE 2024
REAL ESTATE NEWSLETTER
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425-236-6777
Are Home Sellers Slashing Prices? Is There Panic Pricing?
May 2024 was a Seller's Market!
The real estate market has continued to pick up in accordance with typical seasonal patterns, with further increases in activity expected as we move fully into the summer months. The overall number of homes sold and the median sales price of those homes increased year-over-year. Interest rates have only slightly decreased over the past month, by 0.14 percentage points, to 7.03%. This means that prospective buyers’ purchasing power and prospective sellers’ willingness to give up their low-interest-rate mortgages continue to be constrained. However, for-sale inventory levels have increased dramatically year-over-year, which should help to stabilize home prices.
REAL ESTATE MARKET NEWS
House prices in Washington state rose 7% on average compared to last year. King County is the most expensive, while Ferry County is the cheapest. The number of houses sold edged up slightly, but not in all counties. There are significantly more houses for sale now, giving buyers more choices. Condo sales are also up, with prices rising over 11%. People are still looking to buy houses, and there's a program to help with down payments. While higher interest rates make buying more expensive, the increase in available houses may lead to stable prices in the coming months.
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REAL ESTATE TIPS
EVENTS AND HIGHLIGHTS OF MAY
If you have any questions or comments you would like answered in next month's newsletter, email me at [email protected] and they will be included in the next market update.
OR if you would like more information on our unique systems and programs, call us at 425-236-6777 or visit our website www.GeorgeMoorhead.com
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