Home sales in Seattle have plummeted due to mortgage interest rates that have more than doubled this year alone, making it more difficult to sell.
From the point of view of homeowners, as prices continue to fall, they are focusing on holding on to their homes, while those wishing to buy a home have greatly reduced their purchasing power due to high mortgage interest rates and are waiting for house prices to fall further.
According to NWMLS, a Northwest American comprehensive real estate listing company on the 8th, pending sales, which refers to the stage in which inspections and loans are being pursued after a housing transaction agreement between a seller and a buyer in King County for the month of October, has plummeted by a whopping 38% compared to a year ago.
As a result, it was found that the period for which houses are put on the market and sold is significantly increasing.
According to Redfin, the period for median-priced homes in Seattle to be on the market until September is 17 days, according to Redfin.
In the case of Bellevue, where house prices are relatively high, the deadline for a listed house to go to a pending sale was 6 days in September last year, but this year it increased by 18 days to 24. In Tacoma, it took 7 days last year but 16 days this year. It was analyzed that it would take 23 days.
According to NWMLS, when looking at the situation of housing sales that were finalized in October after going through pending sales, the number of sales in Seattle fell by 44.8% compared to a year ago, and in the East Side area such as Bellevue, 33.6% compared to a year ago. decreased.
North King County experienced a sharp decline of 45.3%, Southwest King County 47.3% and Southeast King County 40%. In other words, housing sales fell to half the level of last year.
Amid extremely sluggish trading, the King County median price in October rose by surprise.
The median transaction price in King County in October was $903,000, which is slightly higher than $877,000 in September, but experts say that it is meaningless because there are so few transactions.
Home prices in King County have fallen by an average of 10% since May.
The median sale price of a home in King County in October is 10% higher than it was a year ago. However, Snohomish, Pierce, and Kitsap counties are 1-5% more expensive than in the same period last year, so they are expected to drop to similar levels soon.
Last month, the median selling price in Snohomish County was $730,000, Pierce County $535,000 and Kitsap County $513,250.