Even after a few weeks of mortgage rate jumps, the Seattle/King County housing market is displaying surprising strength. Every key data point from the Northwest Multiple Listing Service (MLS) gained ground against the previous month – as often happens as the spring housing season ramps up – including the number of new and active listings, homes going under contract and final sales. Prices rose, too, to near-record highs.
We are seeing more homes for sale in submarkets – except for Mercer Island and Woodinville, where active listings are down 30%+ – compared with a year ago. The favorable boost in supply is the result of fewer buyers and sellers compared with most spring seasons. A rare, two-fisted punch of higher prices and interest rates is bruising the market at a time when activity is usually robust.
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