Moody, messy, and moving forward
The housing market is like a teenager—confident one moment, clumsy the next. But there’s progress beneath the awkwardness.
September brought a sharp uptick in listings and a bit of a chill to home prices.
Inventory rose, sales fell, and for the third straight month, home prices edged lower.
The median home price in Seattle was $975,000 — down 7% since June but still about 2% higher year-over-year.
After a sleepy August, September listings came roaring back.
2,766 new single-family homes hit the market — 37% more than August and 19% more than the same month last year.
That’s a big shift, and it’s giving buyers some breathing room they haven’t had in a while.
Days on market rose to 16 days, about double last year’s pace. Typical for fall, when homes take longer to sell — but it’s also a sign that sellers can’t count on bidding wars right now.
"Nobody wants condos right now."
The median condo in September sold for $525,000, down 6% year over year.
Inventory has surged — 20% higher than last year — and months of supply hit 4.4, a level we haven’t seen since 2012.
As my friend Rob put it in this Seattle Times article: “Nobody wants condos right now. I mean, it’s unbelievable. There are so many condos for sale.”
Lower rates bolster September sales
Mortgage rates dipped to their lowest of the year in September (around 6.2%), and not surprisingly, pending sales perked up — about 1,800 homes went under contract, tying May for the busiest month of 2024.
Buyers: this is your window. The smart money knows that by mid-fall, the best selection starts drying up — and competition cools.
A balanced market?
In the field we’re having different version of the same conversation: Buyers wonder if prices have further to fall. Sellers wonder if they can do better next year. Neither is terribly motivated to act.
Both feel like they’re losing — maybe that’s what a balanced market looks like.