What to expect from Seattle's housing market in 2023

Home sales have declined in Seattle, part of an expected national trend. Photo: Mike Kane/Bloomberg via Getty Images

Home sales next year may fall to their lowest level in more than a decade, Seattle-based real estate company Redfin predicts.The number of homes sold in the U.S. is expected to decline about 16% in 2023 over 2022 to the lowest level since 2011. The company cited high mortgage rates, still-high home prices, persistent inflation and a potential recession as causes for the slowdown.The U.S.

Property owners are paying more thanks to interest rate increases. They will pass along their cost increases to renters. Rents are going up, not down.

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