Signs of optimism despite reduced inventory
Here are my bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of December):
- Interest rates proceeded to drop through the month of December to a current rate of about 6.61%.
- Inventory levels are typically low this time of year. However, they was a 20% decrease in the number of active property listings compared to December 2022. Part of the reason for the low inventory is that current owners with lower mortgage rates are reluctant to sell.
- The low inventory levels continue to keep home prices from falling, and they were actually up about 5% year-over-year.
- Condos seem to be faring better at the moment, with a 6% decrease in the number of sales (compared to 11% for single-family homes), but a 7% increase in median price compared to last year.
To read the full press release, click here.