The housing market in the Northwest MLS region continues to exhibit a sense of uncertainty regarding its trajectory

Hey there guys! So, you know what? The NWMLS just came out with some real estate news. In August, home prices went up by 2.5% compared to last year! Insane, right?! It's the first time we've seen an increase like that since January. The median price stayed the same as July at $615,000. But, there's a bit of a twist here. Other things like new listings, pending sales, and closed sales actually went down compared to both last year and the previous month. Yikes!

Well, the reason for this slowdown seems to be those pesky rising mortgage rates, which are now the highest they've been since 2001! That's scaring off both buyers and sellers, especially folks who are new to the real estate game or don't have a lot of money to throw around. Plus, there's not a whole lot of houses on the market, with only 1.71 months' worth of inventory systemwide, down from 1.84 months last year.

But you know what's cool? Despite all these challenges, some real estate pros are keeping their spirits up. They think we'll see more action in the fall season. And guess what? Certain parts of the market, like new construction and condos, are still looking pretty attractive with some good deals and perks for buyers. Their advice for anyone thinking about buying or selling is to stay prepared and be open to changes when making offers or listing their homes. Stay flexible, everyone! 

Know the Top 5 Things You Need To Ask For When Getting Mortgage Rates

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