Market Update - October 2022

Welcome to your October 2022 Seattle Real Estate Market Update. The question is... will this month's update be a trick, or will it be a treat? I know I'm biased, but I do believe the opening is a treat. As for the numbers? Well, we'll let them speak for themselves... Despite what you see in news headlines lately, home prices are still up year over year, across the board. At $799,000, King County's median sales price is up 7.25% of this time last year. Seattle is up 6.14% and over on the Eastside we're up 9.95%. Mortgage rates are still... not exactly where we were. In fact, the 30-year fixed-rate mortgage reached its highest level since April 2002. For the week ending October 13th, the 30-year fixed rate average climbed to 6.92%. And, looking at inventory, while we are up on active inventory and down in pending sales across the board, it's important to note that our inventory today is still 13% lower than in the Before Times (pre-pandemic).

Seattle Realtors Aaron Janus and Diane Davi of the JanusGroup at RE/MAX Integrity dive deep into the latest numbers and stats to show you exactly what the Seattle real estate market is doing right now in September 2022, and what it means for you if you're looking to buy or sell a home or condo right now.

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