The economy looks solid on paper—low unemployment, steady wages, markets holding up—but it doesn’t feel that way for most people. Kyla Scanlon calls this the “vibecession,” and it’s still very real. Confidence is shaky, job security feels fragile, and big decisions like buying or selling a home are getting pushed off as a result.

Housing, meanwhile, has been in its own quiet recession ever since mortgage rates doubled. Prices remain high, but activity has been sluggish and buyers are cautious. October brought a few bright spots—prices perked up, inventory climbed, and rates dipped toward 3-year lows—but the disconnect between how the economy looks and how people feel continues to shape the market.

Seattle’s housing market is cooling but not crashing. September data shows more homes hitting the market and a slight dip in prices, signaling a return to balance after years of wild swings. The median single-family home price in Seattle fell to $975,000, down 7% since June but still up about 2% year-over-year. Overall, the Seattle real estate market is finding its footing. After several years of extreme ups and downs, we’re seeing the early signs of a healthy, sustainable recovery.

Seattle’s housing market cooled in August as prices, inventory, and mortgage rates all dipped while homes took longer to sell. The median King County home price came in at $992,500, still up 2% year-over-year despite the month-to-month slowdown. Active listings totaled 4,113, 39% higher than last year, while average days on market rose from 10 to 14. Mortgage rates briefly fell to 6.1% before rising again after the Fed’s rate cut, highlighting how closely housing costs follow the 10-year Treasury. Seasonal shifts are in play, but Seattle’s housing market remains competitive and active heading into fall.

After two years in Colorado, we've decided it's time to return to the Pacific Northwest. We're thrilled to be back.

Leaving Colorado is bittersweet.

Bitter because we’re leaving some of the most important people in our lives—cousins and grandparents, new friends and old ones. And of course, the skiing. 😭

Sweet because Seattle is home. We’ve missed so many of the friends and family we left behind.

Mortgage interest rates fell in November and have hovered around 6.5% for several weeks now. The rate volatility we experienced during the fall has subsided for now, and recent housing data suggests we may be close to finding a bottom for the floundering housing market, which went into shock this spring when rates rose from all-time lows.

The housing market is struggling to find its footing as high home prices collide with rising mortgage rates. As of today, the rate on a 30-year mortgage is above 7% after starting 2022 at 3.4%.

Ten years after the market bottomed out during the Great Financial Crisis, the housing boom has ended.