The U.S. median house sales price hit a new peak in June 2024. You'll notice nationally NAR is saying we are moving toward a Buyers Market. That isn't the case here in Seattle. Yes, there is more inventory, and more choices for buyers, but great homes that have a good pricing and advertising strategy are still commanding multiple offers - even if its only 3-5, vs 30 like we saw during the historically low rates in the pandemic era.

Median house sales price appreciation rates since 1990. In 1971, the average 30-year fixed-rate mortgage rate was between 7.29% and 7.73%, according to Freddie Mac. If you would have waited for rates to fall, you would have had to wait until 1992-1993 for rates to have fallen lower than what they were in 1971. That's a 22 year long wait, and a lot of lost potential appreciation.

The U.S. median condo/co-op sales price also hit another new high. (Co-Op's are like condos, with some key differences and far more popular on the east coast, especially New York City.)

New-listing activity is intensely seasonal, typically peaking for the year in May or June before gradually declining to December's low. The number of new listings rose in 2024, but remains significantly below long-term norms.

The number of homes for sale continues to climb, a critical shift in market dynamics, and excellent news for buyers.

While the supply of listings has been increasing year over year, the number of sales has declined, an indication of some cooling in demand.

The homes that have sold continue to sell very quickly by long-term norms, though not quite as quickly as in the spring selling seasons of the last 3 years.

Months-supply-of-inventory measures supply as compared to demand: With more listings and fewer sales, MSI is at its highest point since the pandemic first hit.

A snapshot of sales prices across the country - which will not fairly represent home prices in more expensive markets.

Price reductions are running much higher than last year: More sellers are having adjust list prices to regain buyers' attention. This could be due to agents unable convey market conditions up front, or taking a listing knowing the seller will have to reduce to sell. That is Called a Broker Trap. Where an agent signs a contract with a seller at an unsubstantiated price, knowing full well that they will have to reduce the price in order to sell a property. It's a dirty trick lessor agents use to lock people into a contract.

As of mid-July, mortgage interest rates were declining. If this continues, we may soon see the lowest rates in the past 12 months, which will reinvigorate buyer demand (but predicting interest rates is always challenging at best, and misleading at worst).

Inflation just dropped to its lowest point in over 3 years, and many analysts predict the Fed will finally start lowering its benchmark rate in September. The key factor is what shows up in upcoming inflation reports.

Remember, interest rates can do 3 things: they can go up, they can go down, or they can stay the same. If they go up, you'll wish you bought now to lock in the lower rate. If they go down, you'll wish you bought now to take advantage of a refinance vs competing against multiple offers; if they stay the same, you'll wish you bought now to enjoy the appreciation over the long term vs waiting it out... and missing out... (Remember, in 1971, it took 22 years for rates to fall... and home prices kept going up...)

Foreign-national purchases of U.S. residential property hit the lowest number in 15+ years: Clicking HERE will take you to our full report.

If you're even slightly considering making a move, reach out, and lets chat. Happy to brainstorm and come up with a solution that gets you a tangible and actionable plan that fits your unique situation. I'm working with folks who want to buy and sell in the next few months, and others that are 4 or more years from making their move. We keep in touch, I brief them on the market, and we continually refine our plan so that when things are best for them, they are preprated to make their next move a simply and easily as possible.

I'm all in.

Talk soon-

Justin H Gazabat
Broker | PNW, Seattle, Ballard, East Side
Your Friendly Seattle Neighborhood Real Estate Professional.

www.JustinGazabat.com

P.S. I sincerely appreciate your continued trust and generous support of me and my business. It truly means the world to me when you think to connect me to your friends, family, and co-workers.

P.P.S. If anyone in your social or work circles is considering a move, just send an intro text or email with their best contact info, make sure everyone is CC’d and I’ll take care of the rest! I promise to take great care of them, serve them well, make you look really good in the process. Plus help them get great results! Referrals are crucial to our business, and we genuinely value the opportunity to serve you and your network.