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Thurston County home sales fall 53 percent from November 2021!

Credit: Northwest Multiple Listing Service

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.

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Posted by Steve on December 7, 2022 at 12:01 am | Permalink

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