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Lowered mortgage rates provide boost but affordability remains elusive
Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of September):
- The further reduction of interest rates in September by the Federal Reserve provided a positive end-of-the-summer boost to the market. However, without deeper cuts to interest rates, housing affordability will remain an issue for many.
- “Interest rates remain over double what they were just three years ago (6.08% at the end of September versus 3.01% at the same time in 2021 for 30-year fixed rate mortgages).
- The number of homes for sale increased throughout the NWMLS coverage area, with 22 out of 26 counties seeing a double-digit year-over-year increase.
- There was a 31.4% increase in the total number of properties listed for sale.
- Overall, the median price for residential homes and condominiums sold in September 2024 increased 5.8% when compared to September 2023.
To read the full press release, click here.
