Thurston County home sales fall 53 percent from November 2021, new data show
From The Olympian:
The Thurston County housing market has made a hairpin turn, according to new data released Monday by Northwest Multiple Listing Service.
Coming into that turn was a market with low interest rates, low inventory, strong demand and a median price that rose sharply. Now, coming out of it is a market with higher interest rates, growing inventory, shrinking sales and a flatter median price.
“The data show we’re in a changed market,” said Dick Beeson, managing broker at Re/Max Northwest, in a statement. “High interest rates, doubled inventory levels, anxious lenders, contracts written with negotiations for repairs, closing costs, and other sundry things — all of these have returned to the market.
The most significant change to the housing market has been the rise in the average 30-year mortgage interest rate, which rose to a recent high of 7 percent, but has come down to about 6.5 percent, according to Freddie Mac, a government-sponsored enterprise that provides capital to mortgage lenders and tracks interest rates.
That 6.5 percent rate is about 3 percentage points higher than where it was a year ago.