buyers

Ah, for the good old days of 2019 – when we could stomach home prices closer to the mid-million-dollar mark and housing options were somewhat plentiful amid a mildly competitive buyer environment.

The market has, ahem, evolved in the four years since. After a pandemic-induced free-for-all, where newly listed homes could be off the market in hours and prices soared into a stratosphere more recognizable by the Blue Angels, we are now “enjoying” a period of rest and re-evaluation in summer 2023. Variations between the two years are stark, to say the least

The Seattle/King County housing market inched forward – and a little sideways – as the number of new and unsold listings continued to expand in June while fresh signs of a slowdown approached. Home prices continued to confound buyers by climbing toward record highs as summer began.

The county saw the combined number of single-family, townhome and condo listings increase in June by 4.4% from May to 3242 units – the highest monthly figure since last September. While that percentage may appear strong, it’s nothing compared to the April-to-May rise of 18%, signaling a probable cooling of new listings in the future. Meantime, unsold listings rose a solid 12% for the month to 3013, including 11% (1344) higher in Seattle and 10% (815) stronger on the Eastside.

Home prices and mortgage rates. These are the two most frequently discussed items by both the people working in residential real estate and the customers and clients they serve. It’s the bacon and eggs of the housing market – two staples that are often linked to one another.

And the May report for Puget Sound residential sales is no different. Unfortunately for buyers, both figures – prices and rates – are climbing, raising the hurdle to homeownership even higher for many.