Mild mortgage rate relief brought buyers off the sidelines. Existing single-family home sales hit a 5-month high in February, correlating with a slight retreat in borrowing costs. The average 30-year mortgage rate is nevertheless undercutting last year’s 7 percent peak, hanging in the low- to mid-6 percent range in 2023. Stronger buying amid weak motivations to sell pushed the for-sale count nationwide to a 9-month low in February. The prediction of major collapse have been off target so far. In King , Pierce and Snohomish counties, there has been a jump in sales with average days on the market falling to less than 45 days. The spring season is traditionally a strong season for sales and the pattern is set to repeat. Check the chart below for central Puget Sound area, combination of low inventory, drop in average days on market, rise in pending sales, rise in average price indicate the bottom of the housing market. Bottom is here, time to pull the trigger.
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