- Editor’s note: Yelm readers were forewarned about potential home sales slowing amidst inflationary pressure.
- Published here on April 6, 2022 was this Special Report: As recession storm clouds mount, Is Yelm on the verge of a Groundhog Day 2008 redux?
Thurston County single-family home sales fall 12 percent, new data show
The number of Thurston County homes that sold in April was down 12 percent from the same month a year ago, a sign that the market is reacting to some new economic pressures, including higher mortgage interest rates, according to Northwest Multiple Listing Service data.
“The Puget Sound housing market has shifted down several levels of hotness in most areas and is more in alignment with the strong market we saw pre-pandemic,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, in a statement.
Prospective buyers also are dealing with higher gas prices, higher inflation and higher mortgage interest rates. The average rate on a 30-year fixed mortgage ticked up to 5.27 percent from 2.96 percent a year ago, according to a recent survey by Freddie Mac, a government-sponsored enterprise that provides capital to mortgage lenders.
The median price of a single-family home in Thurston County in April was $510,000, up 18 percent from April 2021, but was almost flat from March 2022, when the median price was $505,000, the data show. That’s an increase of about 1 percent.
Inflation barreled ahead at 8.3% in April from a year ago, remaining near 40-year highs
- The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.
- Core CPI, which excludes food and energy, also was higher than expected, rising 6.2%.
- Shelter costs, which comprise about one-third of the CPI, rose at their fastest pace since 1991.
- Inflation-adjusted earnings continued to decline for workers, falling 2.6% over the past year due to the surging cost of living.