Real Estate Market Update - June 2023

Seasonal trends indicate the peak selling season for the greater Seattle-Bellevue area concludes in mid-June. However, current historic low inventory and a larger buyer pool may support home price values into September, assuming mortgage interest rates remain at about 7% for 30-year conventional financing.  Thereafter,  activity and values typically decline during the holidays.

The following graph represents the quantity of single-family homes in King County for Sale (supply/inventory) and Sold (demand) over the last 10 years:

Single-family home values have appreciated during the 2023 sales season from January to May following the 10 year trendline:

Currently, low housing inventory and more Buyers than Sellers are supporting Seller pricing.  Demand remains greater than supply.

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