Higher interest rates are making it tougher for buyers and sellers. The interest rate is about double what it was earlier in the year. Rates near 3% have disappeared and are now about 6%. While home price appreciation has slowed from the frenzy of the first quarter of 2022, buyers are still not able to afford the same home they could earlier in the year.
Single family home sale prices peaked at about $1,000,000 for King County, about March of 2022. That number dropped to $875,000 in September 2022. This is up about 6% from 2021.
Eastside homes sold in September averaged $1,350,000; just 3% over the Sep 2021 average. Closings on the Eastside are down about 30% year over year.