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Walla Walla Real Estate Update – August 2024
More listings and lower interest rates are keeping buyers active. At month end, mortgage rates were at their lowest level since March of 2023, and the Federal Reserve is expected to further reduce interest rates in September. Here are market highlights from August:
August was the busiest closing month of the year. At month end, closed home sales had surged 7% ahead of last year’s pace and new contract originations remained strong. Pending sales – homes under contract but not yet closed – increased 20% ahead of a year ago. This points to an active real estate market as we head into fall.
At month end there was 2.6 months of inventory. Buyers had more homes to look at compared to a year ago. There were 35% more listings on the market compared to August of 2023. Inventory is not expected to grow much more this fall as lower interest rates should make it easier for more buyers to buy.
Price increases remained moderate. The month’s median price increased just 2% over the same month a year ago. On the year, the median sales price has increased 5% over the previous year.
August’s Listings: 237
The month ended with a few less listings (down 1.25%) from the previous month but ended 35% ahead of the number of listings in our valley a year ago.
August’s Closed Sales: 69
Monthly closings increased 8% over the previous month and ended up 13% over the number of closings from August of last year.
August’s Median Sales Price: $418,210
The month’s median sale price remained on par with the previous month but increased 2% over the median sales price for August of last year.
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*NWMLS WA Data
