Seattle weekly wrap-up: prices tick up as sales slow
The data from what the Seattle real estate market did in September is out and I was surprised to see that the median sales price is up about 2% to $899,400 from $883,000 in August but I still expect it to start declining as rates hit all-time highs and the usual seasonality kicks in. Other highlights from September – of the last ten Septembers it was the slowest in terms of closed sales (graph) and also the slowest in terms of new listings (graph) even though it was a record high for the year, and the number of homes for sale in September hit a high (graph) for the year so prices should come down.
Now what happened last week? The big news was that mortgage rates hit 7.81% but have since pulled back to 7.6%. Are rates chilling the market? Possibly – last week the number of homes buyers put under contract was down 17% week-over-week to 154 (graph). Meanwhile, sellers put 222 new listings on the market, down 8% week-over-week (graph). As evidence we’re in a strange time – Infinity Shore Club, the new condo building on Alki Beach was giving away a Tesla Model S Plaid to the first buyer to get under contract this past weekend.