If you’ve been hoping to make a home purchase or sale then you’re likely curious about what’s new in the local real estate market—and there’s certainly always news to report!

Mortgage Rates Have Decreased

With mortgage interest rates the lowest they’ve been in over a year at 6.47%, buyers should feel encouraged to make their move, particularly if high rates have been the cause of their hesitation. If you’re ready to search for your dream home, consider jumping into the market now before demand surges and competition ramps up.

Home Sales Have Increased

According to the most recent NWMLS report, home sales in Washington were up nearly 6% year-over-year in July. After witnessing the low levels of activity of a market challenged by low supply and low demand due to high interest rates, seeing a resurgence of both buyers and sellers entering the market is encouraging. I’m thrilled to share that I represented two sellers and their beautiful listings in Seattle that went pending nearly right after hitting the market—one after two days and another after five days.

Inventory Has Increased

Active listings jumped 37.7% year over year in July. Buyers, this means that you can search for your exciting first home, dream forever home, or investment property knowing that you have plenty of choice and much less pressure to settle for anything less than exactly what works for your lifestyle and budget. You should feel empowered to find a property that ticks all the boxes, and with a spike in supply and a savvy broker at your side, it is entirely possible to accomplish this in the current landscape.

If you’d like to discuss what the market stats mean for you, or dive into stats for a particular neighborhood, please reach out to me today. Let’s navigate this shifting market together.