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- 🏠Mortgage rates lowest they've been in a year
🏠Mortgage rates lowest they've been in a year
Matt Goyer
August 07, 2024
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.
— Matt, Land, Maggie & Alicia
LINKS
NEW LISTINGS BY WEEK
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
HOMES GOING PENDING BY WEEK
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
HOT NEW LISTINGS
Eye candy
What was your favorite listing this week? |
Last week’s eye candy winner - Capitol Hill townhome
THAT’S A WRAP
Here are 2 ways we can help
Thinking of buying? We’ve helped hundreds of people find their dream home in the Seattle area. We’d be happy to help you too. Just hit reply.
Thinking of selling? Hit reply, we can handle everything from start to finish but September is likely a better time to sell than over summer.
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