Headlines Vs. Trendlines | Summer’s Effect On The Market

As summer winds down and autumn approaches, the market exhibits a similar shift. With mortgage rates down, and inventory up, now is an excellent time to start the new season with a home purchase. If you’re ready to buy, there is no time like the present, and with rates lower than they have been in over a year, the conditions are certainly prime for homebuyers looking to make their move before the rainy season sets in.

The recently released S&P/Case-Shiller Home Price Index report reveals that the Seattle metro area market was affected by summer events. With people traveling, celebrating graduations, and spending the lovely season busy with plans, it makes sense that the market experienced a slight cooldown. As the report reveals, the Seattle metro area slowed its pace of price increases from May to June by 50% and the year-over-year escalation was 6.7%.

The report notes, “Another popular theme is making housing more affordable to first-time homebuyers.” Graystone Condominiums in First Hill brings this point home, as the #1 top selling condominium building in Seattle in 2024. Seattle has more renters than homeowners, and with mortgage rates dropping and standing inventory being sold at 30 to 40% below replacement costs, we can see why buyers are stepping in with homes priced at affordable values.