Current Market Data
Looking ahead, CoreLogic expects national year-over-year appreciation to slow to 3.9% by September 2023.
September is the fourth month in a row to see declining sales activity.
A 30-year fixed-rate mortgage rose to 7.08% this week from 6.94% a week ago, Freddie Mac reported. A year ago, the average mortgage carried a 3.14% rate.
Mortgage rates continued to weigh on homebuyers in September, following a brief uptick in new-home sales in August.
At the same time, mortgage applications declined 1.7% on a seasonally adjusted basis on a week-over-week basis, according to the Mortgage Bankers Association.
In Seattle, home prices posted a 9.9% year-over-year gain in August, compared to a 14.5% gain in July. Month over month, prices fell 3.9%.
Home values are 25% above affordability norms, the worst it’s been in years, according to a new report from Zillow.
“After a sustained period of quick sales that kept the housing cupboard relatively bare, a supply of two months presents a lot more options for homebuyers,” said RE/MAX President and CEO Nick Bailey.
The only other time the market saw such change was at the beginning of the pandemic.
Month over month in September, existing-home sales slid 1.5% to 4.71 million, which is 23.8% lower than the year before.