Real Estate Roundup YOUR PULSE on the market | 12.2019 Mortgage rates are on the rise after a long run of record lows. Over the last few weeks we’ve seen mortgage rates increase six basis points (0.06 percent).
Active listings of homes and condos are at their lowest levels since April. Last month’s selection declined more than 21 percent from where it was this time a year ago. Ten counties, mostly in the Puget Sound area, have less than a twomonth supply of inventory, while four to six months of inventory is considered to be a better-balanced market. King County’s available listings are well below the national average of four months. Our area hasn't seen numbers in the national average since February of 2015, however. This may indeed be the new normal. Last month, nine counties reported double-digit jumps in pending sales compared to this same time last year.
Going into the real estate slow season, experts are not expecting a significant influx of inventory until the spring. This means buyers will be faced with increased competition and hikes in pricing through the end of the year. A new Redfin survey shows that Bellingham is now tied with Portland, Oregon as the place people leaving Seattle are the most interested in. The median price for a home in both Bellingham and Portland is around $440,000. It seems Seattleites are now looking more north to escape expensive housing prices and the heavy traffic.