Home and mortgage prices in Seattle are up, but so is inventory
Rising mortgage rates and high home prices mean prospective buyers in Seattle should brace for a financial one-two punch if they plan to purchase a home this spring, but a surge in inventory should keep the city’s housing market humming through the summer.
These findings were laid out in the latest monthly report from Zillow, which said the value of a typical Seattle home has risen nearly 25% since last year. The average price for a home in the city is now $771,631, the report said. If that shocks you, just wait until you hear how much mortgage rates have grown during the same time.
“Higher mortgage rates were anticipated this year, but the speed of their rise has been breathtaking,” said Jeff Tucker, a senior economist at Zillow, in a news release.
In Seattle, homeowners are paying 42.8% more on their monthly mortgages than they were a year ago. The current average mortgage price — $3,009 per month, based on a 30-year mortgage with a 20% down payment — is 21.1% higher than it was at the start of 2022.
https://www.msn.com/en-us/money/realestate/report-home-and-mortgage-prices-in-seattle-are-up-but-so-is-inventory/ar-AAWrSLL
