Housing prices continue to exacerbate ongoing affordability challenges, as home appreciation continued to accelerate in November.

Washington has been hit harder by the housing crisis than any other state, according to a new study by the Washington State Department of Commerce. Washington ranks last among 50 states in the ratio of housing units to the number of existing households, the EcoNorthwest study revealed.

At the same time, the average 30-year fixed-rate mortgage rose to 3.33%, its highest level since April 2021, the Mortgage Bankers Association said.

Inflation concerns are influencing plans for homebuyers and sellers, according to a recent Redfin survey.

Housing affordability fell to its lowest level since 2008 in October as home prices rose 19.6% from last year.

Nationally, housing prices were also on the rise, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. 

Seattle and Tacoma were among the top 50 most competitive rental markets in 2021, according to a year-end report from RentCafé.

“There was less pending home sales action this time around, which I would ascribe to low housing supply, but also to buyers being hesitant about home prices,” National Association of REALTORS® chief economist Lawrence Yun said.

“Fewer homes are selling because of a lack of supply, while demand remains strong.” — Redfin chief economist Daryl Fairweather

The median sales price of new homes hit a new high of $416,900.

The holiday season has done little to deter home buyer demand as the number of real estate showings at new property listings is heating up across the country. New listings in 13 housing markets averaged double-digit showings in November, according to the latest data from ShowingTime. 

The median existing-home sales price for all housing types rose again on an annual basis, marking 117 consecutive months of gains.

“The market is roaring along, with only half the seasonal slowdown we typically see from October to November.” — RE/MAX LLC President Nick Bailey

The median sale price for homes in the North Seattle market is $775,000, a 3.3% increase from last year, according to a recent Redfin report. 

The pandemic and work-from-home orders have changed where, when and why people buy homes. As a result, housing prices hit the highest median of all time in 2021, as the number of homes for sale fell to an all-time low and the demand for second homes surged, according to a new Redfin report. 

“November’s housing starts report signals strength for the housing market.”  — First American deputy chief economist Odeta Kushi