Northwest MLS brokers encouraged by declining mortgage rates with some saying pent-up demand is triggering multiple offers
*NOTE* – the data we are looking at is from the full month of January. The NWMLS comprises 26 of Washington’s 39 counties, mostly in the western part of the state.
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service:
- Pending sales around Washington state reached the highest level since October and surged nearly 44% from December, but were still only 64% of the sales activity from January 2022.
- Prices on closed sales edged up slightly, at 0.41%, compared with twelve months ago.
- Inventory was down about 13% compared to December, but up significantly compared to last January’s low inventory. However, King, Pierce, and Snohomish counties are still a seller’s market with inventory not keeping up with buyer demand.
- “We are seeing multiple offers once again. It’s not like it was at the peak of the market, but buyers are out there and competing for properties.”
- The average rate for a 30-year fixed mortgage is in the low 6% range, down about a full point from November when it peaked at just over 7%.
- The recent decline in rates means for today’s buyer of a median priced home, the down payment amount is lower than it would have been last summer.
- “While interest rates have tempered a bit, many buyers are moving forward to purchase with an intent to refinance once rates come down more.”
To read the full press release, click here.