New listings are coming down, which is typical for the time of year, and we should continue to see a decline in new listings throughout the rest of the year.
What is interesting is the weekly fluctuation of the number of homes going under contract. They are up one week and then down the next, with the two-week average remaining relatively unchanged for the past 6 weeks. Looking back at the last two years’ data for this period the trend was similar. Buyer activity (homes going under contract) remained relatively strong until mid to late November.
Interest rates have been steady, holding at around 6% since early September, even though there have been two Federal Reserve rate cuts in the last two months. Mortgage rates don’t drop after a Fed rate cut because the mortgage market anticipates future rate changes ahead of time. By the time the Fed announces a cut, mortgage markets have already adjusted. The Fed controls short-term interest rates, but mortgage rates are mainly influenced by long-term bonds.
If you’ve been considering selling but are unsure how broader events might affect your home’s value, now’s a great time to get clarity. Contact us for a personalized market analysis and expert guidance on timing your move—so you can make confident decisions in any market.
And as always, if you have any additional real estate questions, feel free to call/text us any time! We’re always here to help!
STEVE HILL
Broker | REALTOR®
CELL 206-769-9577
SANDRA BRENNER
Managing Broker | REALTOR® | MCNE | SRS | CRS®
CELL 206-271-7100
WINDERMERE REAL ESTATE / NORTHWEST
311 N 85th St
Seattle, WA 98103
brennerhill.com
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