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Walla Walla Real Estate Update – November 2023
As of December 1 interest rates had fallen to around 7.2% compared to 7.8% in October. The slight decrease in interest rates at month’s end raised cautious optimism. Here’s what took place in November:
Q-4 closed and pending home sales trended up. While year-to-date home sales remained 14% behind last year’s pace, Q-4 sales were 11% ahead of last Q-4. And there were 18% more pending sales than a year ago. All points to a more active winter this time around.
Seasonal inventory Declined. It is typical that fewer sellers choose to market their homes during the holiday months than at other times of the year. During November, the number of homes listed for sale declined from the previous month and ended up back where we were a year ago. At month end there was just 2.4 months of inventory.
Median Home Prices dropped again. The market continued to experience stagnant price growth and while rates improved a bit the overall market continued to be weighed down by the high interest rate environment for buyers relying on mortgages.
November’s Listings: 177
The month’s listings dropped 11% from the previous month and ended up within 1 listing of the number of homes listed for sale a year ago.
November’s Closed Sales: 48
Closed homes sales dropped 6% from the previous month but ended 17% above the number of closings for November of last year.
November’s Median Price: $390,000
The month’s median sales price dropped 11% from the previous month and was 7% lower than the median sales price for November of last year.
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Hear Housing and Economic Updates from Chief Economist Matthew Gardner
*NWMLS WA Data
