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The Real Estate Market “Shift” Is Here

Looks like America's home buying binge is winding down. There's a vibe shift visible in both the official data and in the anecdata from sellers, buyers, and brokers.

Why it matters: This is just what Jerome Powell ordered. The slowdown means the Fed's rate hikes are working — cooling demand in an overheated market.

"The buyers just stopped buying," said Shauna Pendleton, an agent with Redfin. Buyers who were flush with cash courtesy of the also formerly booming stock market have completely pulled back.

  • Some listings now sit for weeks without even a showing. Some homes are sitting for 42 days without a single showing.
  • Redfin agent Robin Glaysher said five people showed up to an open house last…

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Fueled by unprecedented gains in home values, Washington State’s red hot real estate market has led to “unprecedented” increases in home values that will drive up next year’s property tax bills, according to the King County assessor’s office.

 The Sammamish Plateau topped the list with a 52% increase from the previous year. That’s double the still eye-popping 26% increase in Federal Way. Other Eastside cities also saw staggering price increases; areas such as Redmond (43% on average), Woodinville (44%) and Kirkland (44.5%).

While not as extreme as on the Eastside, in Seattle proper, values are up 19% in Rainier Beach and 20% in Magnolia, according to the assessor’s office, which released a sample of data Thursday but is still finalizing values…

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  •          The Puget Sound housing market has shifted down several levels
  •          Not all homes are selling within the first week on market
  •          Multiple offers will not be as commonplace as they’ve been in the last two years
  •          The latest MLS report showed a mix of positive and negative numbers.
  •          New listings (11,681) surpassed the number of pending sales
  •          This is evidence that interest rates are having a cooling effect.

KIRKLAND, Washington (May 5, 2022) –Rising interest rates and inflation, coupled with slight improvement in inventory, may bring some normalcy to Western Washington’s frenzied housing market suggest some brokers with Northwest Multiple Listing Service.

“The Puget Sound housing…

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