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High Financing Hurdles Lead to Low Housing Activity in Seattle/King County

Will Springer Realtor

fewer new listings, the rate of sales rose 1.7% Two data points stood out from the latest report by the Northwest Multiple Listing Service: The aforementioned new listings for all homes in the county – 2684 – is at a low not seen for an August since records were shared with brokers (like me) dating back to the mid-1990s.

Finance 68
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Mostly Positive Start to 2024 Housing Activity in Seattle/King County

Will Springer Realtor

Annual sales across King County totaled 21,515 homes – down an incredible 24% from the year before and the fewest since 2010 (20,761). And, despite the rise in new listings, the number of homes still on the market on Feb. Seattle led the way with a 156% increase in new listings (517) month-to-month and 4.0%

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Affordability Woes Prompt Historic Housing Slowdown

Will Springer Realtor

Sales activity across the county is at historic lows; no October has experienced fewer listings in King County – not even close – since at least 1992 when records were first archived online. New listings for all home types in King County stood at 2157, a whopping 25% drop from September to October. Closed sales fell 0.9%

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FINDING THE KEY TO UNLOCK ‘STUCK’ HOMEOWNERSHIP RATE

Will Springer Realtor

The rate today is the same as in the late 1960s, except during the housing bubble of 2008-2010 when ownership rose – and we know how that ended up! Fudge noted that supporting the construction of manufactured and 3-D printed homes were avenues “being discussed” at HUD. BY THE NUMBERS. >> month to month (436) and 6.1%

Design 36
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IN DIRE NEED OF GENERATIONAL RESPONSE TO HOUSING SHORTFALL

Will Springer Realtor

“There is a strong desire for homeownership across this country, but the lack of supply is preventing too many Americans from achieving that dream,” said Lawrence Yun, chief economist for the National Association of Realtors® (NAR). A surprising 3% used the time to build a new house. POTENTIAL TAX SAVINGS. million home sales.

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Expectations for 2024 in Seattle/King County Real Estate

Will Springer Realtor

The region’s real estate scene in 2023 will be remembered for rising home prices and scant new listings. As the year dims, all eyes fixate on 2024’s potential: a hopeful dance fueled by dreams of lower rates and a wave of new homes for sale. County economists forecast a 2024 decline in new construction, slipping to $9.9B

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CAN HOUSING SHORTAGE CATCH UP TO EASTSIDE DEMAND?

Will Springer Realtor

just as Google opens another office building in Kirkland and Microsoft expands its 120-structure Redmond campus with plans for 17 new office buildings. All this tech construction gives new meaning to IT architecture! “A BY THE NUMBERS. >> The average size of a newly constructed single-family home is now 2524 sq.