FIFA World Cup play is in full swing. Team USA won their first match, but I've been told that was sort of expected. I'm not a big soccer fan, but my husband and some of our friends certainly are. So I rely on them to explain it all to me. 😁
This month, the NWMLS (Northwest Multiple Listing Service) report shows we are inching ever closer to a balanced market with the average Months of Inventory across the state at 3.44 -- up from 3.27 in April. A reminder: Months of Inventory means how long it would take to sell every home currently active in the NWMLS inventory. At 4 months, the market becomes balanced (buyers and sellers are about equal). While inventory is increasing, the median sales price has remained statistically the same for the last 3 months -- $650,000. But, as the report points out, "San Juan County posted the highest median sales price in the NWMLS service area at $1.125 million, more than 3.6 times higher than Adams County’s median price of $309,000, highlighting the significant variation in housing affordability across Washington."
In the meantime, mortgage rates continue to rise. The rate stood at 6.53% at the end of April -- up nearly a quarter percent from May. In the last week I've heard that the Fed will be raising the interest rate. I've also heard they will be lowering it. So, we'll just have to wait and see what comes next on that front. Check out my site to see how the current yearly average 30-year mortgage rate compares to previous years.
As always, buyers are still buying and sellers are still selling. I'm available to talk about your plans and/or anything I've mentioned above.
Until next month...
