Mortgage rate uncertainty drives real estate shifts across WA

SEATTLE - The Northwest Multiple Listing Service reported a surge in active real estate listings and closed sales for October, highlighting a shifting market as mortgage rate uncertainty continues to impact buyers and sellers.

The NWMLS reported a 29.8% increase in active listings year-over-year, with 14,795 properties available in October 2024, compared to 11,403 in October 2023. However, active listings dropped slightly from September’s 15,748 listings, showing a 6.05% decrease month-over-month. Twenty-three out of 26 counties across the NWMLS coverage area posted double-digit, year-over-year inventory increases, with the highest spikes in Grant (+54.6%), Clark (+49.7%) and Pacific (+48%) counties.

In terms of new listings, 7,726 properties were added to the market, marking a 26% increase over October 2023. Counties experiencing the highest year-over-year growth in new listings included Cowlitz (+53.6%), Clark (+52.9%), and Kittitas (+44.9%).

Pending sales also climbed, with 7,199 units under contract — a 26.7% increase from the 5,684 units reported in October 2023. Notable growth was seen in Douglas (+110%), Okanogan (+107.4%) and Clark (+84.9%) counties.

"The region’s high mortgage rates continue to create a challenging environment for buyers and sellers, contributing to prolonged uncertainty in the market," according to the NWMLS report.

Closed sales were up significantly, showing a 22.5% increase year-over-year, totaling 6,479 transactions in October 2024 compared to 5,291 in October 2023. The total dollar value for residential and condo sales combined reached approximately $5.27 billion, representing a 33.4% increase from last year.

The inventory of available properties remained below the balanced range of four to six months, with a current supply of 2.28 months across the NWMLS coverage area. The lowest months of inventory were reported in Snohomish (1.53), Thurston (1.77), and King (1.98) counties, signaling ongoing high demand in these areas.

The median sale price for homes also saw an uptick, with an 8% increase from October 2023, reaching $650,000 in October 2024. King, San Juan, and Snohomish counties reported the highest median prices, while Ferry, Pacific, and Grant counties recorded the lowest. King reporterd a median ($865,000), San Juan ($825,000) and Snohomish ($753,000), and the three counties with the lowest median sale prices were Ferry ($112,500), Pacific ($330,625) and Grant ($341,782).

"The only thing that seems certain about this market is that houses are not becoming more affordable, due to the ongoing combination of high interest rates and rising prices," said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington.

To delve deeper into each county’s market data, offering insights into the evolving real estate landscape across the region, visit the NWMLS website. 

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