Washington State NWMLS Market Snapshot for September 2022

The report on September activity shows active listings are nearly doubled from a year ago, pending sales declined more than 31%, but prices in most counties are still rising.

  • Closed sales during September were down 27% from a year ago.
  • The median price on last month’s sales across the 26 counties in the report rose about 5.1% from a year ago, increasing from $570,000 to $599,000. Prices are down slightly from the August median of $600,000 and from the year’s peak of $660,000 that was reported in May.
  • There were 15,008 active listings at the end of September, a jump of more than 93% from the year-ago total.
  • Measured by months of supply, there are only two months of inventory, an improvement from one year ago when there was only about 0.75 months of supply.
  • The inventory of single-family homes (excluding condominiums) nearly doubled from a year ago, up 98.6%. Condo listings jumped about 62%.
  • Pending sales declined from a year ago, more than 31%. Last month’s pendings also fell 18.7%.

Uncertainty about the direction of mortgage rates is prompting buyer hesitancy, according to some market watchers.

Allison Schrager, a Bloomberg Opinion columnist who covers economics, recently commented about buyers “sitting on the sidelines until rates or prices or both decline.” She faults the Fed’s interference, writing “don’t count on rates falling to those pandemic lows. They were the result of extraordinary market manipulation from the Fed,” suggesting there will be a “hangover from the very low rates in 2020 and 2021.”

Watch the 1.5 minute market report video

Source: NWMLS 10/6/2022

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