Eastside weekly wrap-up: highest mortgage rates in 20 years!
Our sluggish real estate market did not need another jump in rates! But alas, here we are at 7.49%, the highest we’ve seen in 20 years. We normally see a pop in buyer activity right after Labor Day so we’re also hopeful that rates improve by then!
Sellers, we see you! New listings were relatively flat week-over-week with 165 new homes on the market. That would historically drop in the second half of August as sellers enjoy the rest of summer but maybe wild fire smoke had sellers inside and focusing on home prep?
With listings staying flat, buyers had some extra inventory to pick from and we saw a 9% week-over-week increase in pending sales with 138 homes getting under contract. Due to the 7.5% interest rates, this will likely decrease through the end of August as buyers are more incentivized to enjoy summer rather than buy a home. Active inventory (as of Saturday) remains at 780 homes for sale across the Eastside.
What caught our eye? Not much but this custom built house on Lake Sammamish certainly jumped out! Lots of waterfront space plus a built-in swim/spa for tons of outdoor enjoyment. (It’s a pretty great house too!)