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March Market Review – King County Real Estate
March Market Review - A look back at the mortgage rate & King County real estate activity last month
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March Summary:
*The number of sold homes dropped drastically year-over-year. Single family home sales fell 13% in February 2023 and (estimated) 35% in March.
*Year-Over-Year median home prices fell about 5%
*Interest rates continued to decline in March after increasing slightly in February. Interest rates will continue to go down as inflation decreases in 2023.
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Inflation continues to be a major contributing factor to the real estate market. Inflation has pushed interest rates higher, and higher rates have caused many potential home sellers to wait until rates are lower before listing their home. This is driving an already low real estate inventory even lower, especially with higher priced homes. Demand for housing continues to be extremely strong and should increase as interest rates decline in the coming months. As demand for homes increases and supply remains low, home prices are expected to continue to rise. In the coming months, we should see lower rates and increasing home prices.
***********************************************
March Summary:
*The number of sold homes dropped drastically year-over-year. Single family home sales fell 13% in February 2023 and (estimated) 35% in March.
*Year-Over-Year median home prices fell about 5%
*Interest rates continued to decline in March after increasing slightly in February. Interest rates will continue to go down as inflation decreases in 2023.
********************************
Inflation continues to be a major contributing factor to the real estate market. Inflation has pushed interest rates higher, and higher rates have caused many potential home sellers to wait until rates are lower before listing their home. This is driving an already low real estate inventory even lower, especially with higher priced homes. Demand for housing continues to be extremely strong and should increase as interest rates decline in the coming months. As demand for homes increases and supply remains low, home prices are expected to continue to rise. In the coming months, we should see lower rates and increasing home prices.