Seattle Housing Update - Resale Only
Few new listings in December
The month of December is traditionally the low point of new listings coming onto the market because of the holiday season.
Currently, both the number of home buyers and the number of new listings are running below pre-pandemic seasonal levels. There is a shortage of unsold inventory, especially in the more affordable and mid-price ranges where approximately 80% of transactions take place within each market. We are seeing a strong level of Sales Activity Intensity™ for new listings going under contract within the first 30 days.
SALES ACTIVITY INTENSITY™ SCALE
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As the economy works through lowering inflation, economists forecast lower interest rates on the horizon. Homebuyers are currently purchasing at market price with the possibility to refinance when rates decrease. In the meantime, some buyers are purchasing with a five-year or seven-year adjustable-rate mortgage which lowers the interest rate and monthly payment.
GOOD NEWS, HOME MORTGAGE INTEREST RATES ARE LOWER THAN A MONTH AGO!
KEY MARKET INDICATORS december 2022 (november Recap)