Thurston County median home price hits new all-time high. ‘It defies logic’
The price keeps rising as mortgage interest rates rise, too. Why?
Excerpt from The Olympian via The Chronicle:
Despite higher mortgage interest rates and a double-digit decline in sales, the Thurston County median home price rose more than 7 percent in August to a new high, according to Northwest Multiple Listing Service data released Friday.
The previous high for the county was $525,000 set in June 2022, but last month the median price was $529,950 — up nearly 7.4 percent from August 2022, the data show.
How is that even possible as average mortgage rates surged past 7 percent and there’s a 23 percent decline in sales? Windermere Olympia owner Steve Garrett acknowledged the local housing market “defies logic,” but there are reasons why median price continues to climb, he said.
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And although the number of homes that sold fell last month, there is still enough demand (353 sales) and limited inventory to generate multiple offers on homes, particularly for those homes listed between $450,000 and $480,000, he said.
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