Seattle weekly wrap-up: rates nearly at last fall’s high :(
It is HOT!
If we weren’t so deep into our usual summer slowdown for Seattle real estate, we may be paying more attention to rates hitting 7.26% bringing us back to the highs we were seeing in November (but thankfully we’re still below the 7.37% we saw in October.) If rates are still this high after Labor Day it might make for a chilly fall real estate season! But that’s still three weeks away…
As for the weekly data – sellers brought on 223 new listings, down 6.3% w-o-w, making this a very slow summer for new listings as compared to years past. Meanwhile, buyers put 179 homes under contract, down 2.7% w-o-w, making this summer feel a lot like August 2018 but much slower than the pandemic years.
While the market has been slow, we’ve been busy! We had four clients close last week, helped two buyers get under contract (summer can be a good time for a deal!), and are prepping some great new listings for after Labor Day.