High mortgage interest rates continue to challenge the Seattle housing market, but recent data suggests a potential turnaround.The Northwest Multiple Listing Service released its July 2024 report, revealing a mixed but generally positive outlook for the housing sector in Washington state.Despite the ongoing burden of high mortgage rates, which have deterred potential buyers and sellers, there are promising signs of market improvement. Home sales increased by 5.
Consumer and broker activity showed a slight decline in July. Keyboxes at listed properties were accessed 156,268 times, a 4% decrease from June’s 163,536 accesses. Additionally, scheduled property showings fell slightly from 119,775 in June to 117,298 in July. However, the number of properties eligible for the Down Payment Resource program increased by 19.8% to 17,515.