WA home prices up over all, lower in Adams, steady in Grant

MOSES LAKE — Home prices are up slightly and inventory is down across the state compared to a year ago, but numbers in the Basin tell a slightly different story, according to data released Wednesday by the Northwest Multiple Listing Service.

Washington had 10,177 active listings in November 2023 compared to 12,245 in November 2022, according to the NMLS figures, a 20% decrease. Adams County listings went from 58 in 2022 to 45 in 2023, a drop of 29%, but Grant County barely shifted, going from 224 active listings a year ago to 226.

A slight decrease in interest rates has raised cautious optimism, the NMLS wrote; interest rates now sit at around 7.2%, in comparison to 7.8% in October 2023, and a continuation of that decrease would have a positive impact on the market in general. However, the decline in seasonal inventory continues to drive home prices upward, spurring an increase of 4.6% in prices from November 2022.

The number of homes sold decreased statewide by 16%, but seven counties, including Grant and Adams, saw a year-over-year increase. Ten homes were sold in Adams County in November 2023 compared to six in November 2023. Here again, Grant County held steady, going from 74 to 75 closed sales.

Adams County saw a substantial increase in months of inventory, or the amount of time it would take to sell all the homes on the market in a particular area, dropping from 9.7 months in November 2022 to 4.5 in November 2023. Grant County stayed the same year-over-year. Statewide months of inventory decreased by 1.1% from 2022 to 2023, comparatively stable after the 363% leap between November 2021 and November 2022.

The median sales price increased year-over-year in 21 of the 26 total counties included in the statistical report. Overall, the median price for homes sold in November 2023 was $601,341, up 4.6% when compared to November 2022 ($575,000). The three counties with the highest median-priced homes sold were San Juan ($975,000, down 21.5% from November 2022), King ($799,925, up 6.6%) and Snohomish ($703,635, up 3.9%). The three counties with the lowest median-priced homes sold were Grant ($327,999, up 6.6% from November 2022), Ferry ($313,750, up 4.5%) and Adams ($221,500, down 30%).

Although the number of sales transactions and housing inventory levels typically drop in the fall and winter months, the expected seasonal slow-down continues to be exacerbated by the high-interest-rate environment for buyers relying on mortgages, according to the NMLS report.

When it came to new listings, Adams County showed the same figures for November 2022 as 2023, Grant County rose slightly from 59 listings to 66 and Washington state dropped 17%, from 4,243 to 3,933.

“With the 30-year fixed mortgage rate currently just over 7.2%, the purchasing power of prospective buyers remains stunted relative to a few short years ago,” Mason Virant, associate director of the Washington Center for Real Estate Research at The University of Washington, wrote in the report. “Moreover, current owners with low-rate mortgages continue to be reluctant to sell. This has led to a continued decline in year-over-year transaction volume and the inventory levels in the market.”

Joel Martin may be reached at jmartin@columbiabasinherald.com.