Pierce County Housing Update - Resale Only
Best Selection and Availability
Over the next two months, home buyers will experience the best selection and availability of homes for sale until March 2024. This is due to the reduced number of homes that come on the market over the winter months.
In today’s market, we are experiencing a surge level of Sales Activity Intensity™ up to $750,000 which represents 85% of sales activity. Additionally, we are seeing a strong level of Sales Activity Intensity™ up to $1.5 million which represents 13% of the sales activity.
SALES ACTIVITY INTENSITY™ SCALE
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KEY MARKET INDICATORS SEPTEMBER 2023 (AUGUST Recap)
In the more affordable and mid-price ranges, where 80% of the activity takes place, we anticipate home prices will rise after the first of the year. Economists forecast that home mortgage interest rates will lower into the 6’s as we head into 2024. A mortgage interest rate decrease will cause monthly payments to go down slightly, but the price of homes are forecasted to increase due to limited supply in these price ranges.
Purchasing in Today’s Market
Source: NWMLS. Data is for Resale only.© 2023 John L. Scott Real Estate