We can only hope!
With the 30 -year fixed mortgage rate currently at 6.95% (as of early July 2024), the purchasing power of prospective buyers remains Iower compared to a few years ago. However, there is good news for buyers: the number of homes for sale has increased significantly. Compared to June 2023, the inventory levels have risen by 35.7% across the Northwest MLS, with 14,393 active Iistings now on the market, up from I 0,607 Iast year.
WhiIe closed sales transactions have decreased by 3.1% year-over-year,
indicating slight Iy less buyer activity, the higher inventory leveIs could heIp
stabilize prices over the summer months. This trend is consistent throughout
Washington, with 22 out of 26 counties experiencing a double-digit increase in the number of homes for saIe. Notably, the counties with the highest increases in active inventory are DougIas (+77.2%), Pierce (+ 48%), CIark (+ 46.9%), Snohomish (+ 46.2%), Lewis (+45.2%), and King
(+43.3%).