Eastside Housing Update - Resale Only
KEY MARKET INDICATORS MAY 2022 (April Recap)
Housing Market Heading Toward Normalcy
In April, the housing market on the Eastside has shifted down several levels of hotness from March as we move toward the strong market we saw pre-pandemic. This intensity adjustment means multiple offers will not be as commonplace as they’ve been in the last two years. Additionally, premium pricing, which is the amount a home sells for above list price, is softening as well.
Looking ahead, although we anticipate the number of unsold homes on the market will increase on a seasonal basis, there will still be elevated buyer focus on each new listing. Despite higher interest rates, there is still a significant backlog of buyers looking to purchase a home, underscoring the strength of the market.
SALES ACTIVITY INTENSITY™ SCALE
Mortgage interest rates are a hot topic after bumping up over the last few months. National Association of REALTORS national economist Lawrence Yun predicts the 30-year fixed-rate mortgage will average 5.5% by the end of 2022. Today’s home mortgage interest rates have already baked in the projected Fed Funds rate increases from the U.S. Federal Reserve for the remainder of 2022.
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MORTGAGE INTEREST RATE OUTLOOK