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Eastside weekly wrap-up: typical seasonal slowdown with an unexpected rates drop

By July 31, 2022

Market Report

Just like in our Seattle weekly wrap-up, the big news is that rates on a 30-year fixed mortgage dropped to 5.13% this week. It will be interesting to see if there is an atypical spike in pending sales next week due to buyers trying to capitalize on that relief. Here’s the deep dive on why rates dropped.

Looking at the sellers this week, we saw an 11% drop in new listings week-over-week. Just 212 new homes hit the market on the Eastside. This is the typical seasonal slowdown we see in August.

We saw a bigger slowdown among buyers with only 141 homes going under contract, a 14% drop week-over-week. Most folks would rather be on the water or enjoying summer while they wait to see if prices cool or they get used to current rate levels.

Hopefully everyone stayed safe and cool during this heat wave! We had waterfront properties on the mind so here’s a list of the stand-out waterfront homes we saw this week:

For homes not on the water, there’s a massive 35 acre estate in Union Hill in Redmond up for sale (and the 22 acres adjacent!). If you’re looking for new construction, don’t miss this $5.2M home in Enatai from Straight Arrow Homes.

Our next home buying class is on August 17th at 4 pm, RSVP.

We’ve launched a weekly Eastside newsletter – sign up here if you want these in your inbox!

I am a broker and contributing writer for Urban Living. I love condos & townhomes and helping people find the next space they call home!

Get in touch to:

  • Gain a deeper understanding of the Eastside’s real estate market
  • Find your perfect home
  • Sell your home

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