Pending sales and closings were down 22% and 24%, respectively, in August compared to the same month in 2021.

Mortgage applications, pending sales, new listings and overall inventory saw large declines in August.

Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.

Buyers who are still in the game are finally getting a break from bidding wars

The share of Seattle homes listed for more than 30 days has increased 41.3% in the last year, according to Redfin.

The modest 1% decline could indicate the current housing cycle is reaching a bottom as mortgage rates recede from their recent high, the National Association of REALTORS® said. 

The median price of a new home sold during the month was up 5.9%, however, according to figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

Nationally, the median sales price slid 2.9% from June but rose 8.1% from July 2021, while closed transactions were down 16.6% on a monthly basis and 26.3% on a yearly one, RE/MAX said in its National Housing Report.

A recent decline in mortgage rates could return some purchasing power to buyers going forward, National Association of REALTORS® chief economist Lawrence Yun said. 

The pace of housing starts for both single-family and multifamily residences was down on a month over month basis, the U.S. Department of Housing and Urban Development reported. 

Seattle had one of the highest rates of homebuyer competition in July.

The NAHB/Wells Fargo Housing Market Index fell for the eighth straight month in August, as the key measure of builder confidence indicated a pessimistic outlook. 

Which Snohomish County town was named the most affordable for nomadic living in the nation?

Homebuyers may catch a break this month as rates have come down nearly a point from the recent high on fears of a recession.

Redmond was No. 8 nationally, with an average monthly rent of $4,222.

The 2.01 months of housing supply in July is the most since it was 2.3 months three-and-a-half years ago.