Mortgage rates lowest they’ve been in a year
Wow, mortgage rates are the lowest they’ve been in a year! (Even after yesterday and today’s bounce.) But we should all be careful with what we wish for; if mortgage rates continue to improve but the stock market worsens, will buyer demand pick up or slacken? That’s the million dollar question as the median price for a single-family home in Seattle ticked up to $945,500 in July up 8% y-o-y and the median price on the Eastside ticked up m-o-m to $1,726,000 up 11% y-o-y. Usually, we’d expect the median price to decline in the second half of the year and we still expect that to happen this year when the number of homes for sale will likely be at a high for the year in September.
Links
- Seattle-area home prices remain high. Is any relief on the way? (Seattle Times)
- Seattle Reign founders land buyer for distinctive Medina home (PSBJ)
- Ravenna home sells for 31% over list
- Bellevue home sells for 19% over list, received 13 offers
Sellers are hitting pause
Seattle: 227 new listings last week, down 29.9% w-o-w
Eastside: 196 new listings last week, down 9.7% w-o-w
Buyers are hitting pause too
Seattle: 160 pending last week, down 8.1% w-o-w
Eastside: 151 pending last week, down 17.5% w-o-w
Eye candy
$2.5m “Red barn” in Woodinville
$1.75m Hawthorne Hills midcentury
$1.3m Anderson Island contemporary
Check out last week’s market update, See the Greenwood home that went 44% over
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