During the first week of August, interest rates hit the lowest they’ve been since April 2023. They’ve gone up a bit since that low, but it is still really nice to see rates in the lower 6s. I would imagine that there has been a small flurry of refinances to get out of those higher mortgages from the Fall of 2023.
As expected, as we get deeper into the summer, homes going under contract have tapered off. Northwest Seattle is down by 21% over the previous week, and SW Snohomish County is down by just under 10%. New listings are down too, by 18% in NW Seattle and 8% in SW Snohomish. Basically, both Buyer and Seller activity is down at relatively similar numbers, which is why the ending inventory levels have very little change. We expect this trend to continue for the rest of the summer.
And as always, if you have any additional real estate questions, feel free to call/text us any time! We’re always here to help!
STEVE HILL
Broker | REALTOR®
CELL 206-769-9577
SANDRA BRENNER
Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / NORTHWEST
311 N 85th St
Seattle, WA 98103
MAIN (206) 527-5250
brennerhill.com
Equal Housing Opportunity
