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  •         Sales of previously owned homes decreased 4.3% from the prior month.
  •         30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%

The U.S. housing market is coming under renewed pressure, buffeted by mortgage rates that rose above 7% again and uncertainty over changes to the commission system for buying and selling a home.

The average rate on the standard 30-year fixed mortgage jumped by nearly a quarter percentage point to 7.1%, according to a survey of lenders released Thursday by mortgage-finance giant Freddie Mac. That is the highest level since late 2023 and the largest weekly increase in nearly a year.

Low inventory continues to fuel competition among area buyers in Western Washington However.…

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You’ve probably heard the news that there are changes coming in terms of how real estate commissions are paid. And while the seismic settlement announced by the National Association of Realtors earlier this month has not yet been approved it’s already sending shockwaves through the real estate industry.

This might sound exciting and like a potential game-changer for you as a home seller or buyer, with headlines proclaiming things like:

  • “Real estate commissions are being slashed!”
  • “Selling your house will now be less expensive!”
  • “No more paying 6% to real estate agents!”

But you’re also probably not sure exactly what it all means, how it will work, or how you’ll benefit from the changes.

Unfortunately, even if you ask the most…

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Interest rates have decreased by 0.15% over the past month to 6.79%, and while the rate decrease is encouraging, it has yet to have a significant impact on prospective buyers’ purchasing power or prospective sellers’ willingness to give up low interest rate mortgages. For the Washington counties covered by NWMLS, March 2024 saw an 11.2% decrease in the number of closed sales year-over-year, although median sales prices have continued to steadily rise with a year-over-year increase of 7.5%.

“Northwestern markets are finally showing signs of thawing,” said Selma Hepp, chief economist for CoreLogic. “With new listings picking up the pace from 2023 lows, potential home buyers have more options to choose from.”

“Still, there seems to be more buyers…

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