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August 2021

Found 3 blog entries for August 2021.

After a chaotic summer that saw extremely low housing inventory, bidding wars and record-breaking jumps in median sale prices, Seattle's tight real estate market could be showing signs of cooling off for the fall season.

A new market report form the Northwest Multiple Listing Service (NWMLS) found that competition for homes in Seattle eased slightly in July, with brokers adding more listings and less homes going under contract. The agency saw slightly fewer pending sales in July than in June and May.

Some of that slowdown might be seasonal, while other experts took into account that the state lifted all COVID-19 restrictions on June 30, and more people could be traveling after spending so much time at home.

"Although the local market is intense,

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Price growth should fall to single-digit increases by June 2022, CoreLogic forecast

Home prices continue to increase as national inventory levels remain low heading into August. But relief for buyers could be coming in the next 12 months.

Home prices increased 2.3% from May to June, and 17.2% year-over-year, according to the latest CoreLogic report on home prices. However, CoreLogic officials said price gains could slow to as low as a 3.2%-gain by this time next year, as ongoing affordability challenges deter potential buyers — as well as an uptick in new for sale listings.

“Home prices have been rising in the mid single-digits for some years now, and the recent surge to double digit price jumps reflect the convergence of exceptional demand

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The current housing boom will flatten in 2022—or possibly early 2023—when mortgage interest rates rise. There is no bubble to burst, though prices may retreat from panic-buying highs.

The boom produced some frantic buying, bids in excess of asking prices, and plenty of worry among would-be homeowners. But this has not been a bubble. A bubble is not simply rising prices, but demand not justified by fundamental economic factors. The key to the buying boom has been low mortgage rates plus a shift in desired housing type.

Mortgage rates hit what was then an all-time low of four percent in 2011, and then remained in that neighborhood until the pandemic, when they hit three percent. The decline in mortgage rates in 2020 dropped the monthly payment on a

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