Northwest Multiple Listing Service released its August market report, revealing significant year-over-year increases in active and new listings, as well as pending sales, driven by lower mortgage rates. The number of closed sales, however, remained virtually unchanged, while median home prices rose in the majority of the 26 counties covered by NWMLS.In August, mortgage rates dropped to their lowest levels since March 2023, with the 30-year fixed rate at 6.35% as of Aug. 29.
The median sale price for residential homes and condominiums in August 2024 was $645,000, a 4.9% increase from August 2023’s median of $615,000. San Juan, King and Snohomish couties reported the highest median sale prices at $905,000, $860,000 and $762,500, respectively. Ferry, Adams and Pacific counties had the lowest median prices, ranging from $282,500 to $332,500."Mortgage interest rates have already started to moderate, dropping to 6.35% at the end of August from this year’s high of 7.