Home sales up in October, but interest rates make future iffy

This home in Moses Lake was listed for $247,500 Wednesday. Grant County had some of the lowest media home prices in the state in October.
JOEL MARTIN/COLUMBIA BASIN HERALD

| November 15, 2024 1:00 AM

COLUMBIA BASIN — Home sales were up in October statewide, according to data released by the Northwest Multiple Listing Service, but a mortgage rate hike and rising prices fueled uncertainty in the market.

Closed sales increased 11% between September and October 2024 in the 26 Washington counties the NWMLS tracks. In Adams County closed sales doubled, from six in September to 12 in October, and in Grant County the number stayed steady: 75 sales in September and 74 in October.

The increase correlates with a drop in interest rates in September, as low as 6.08%, but rates rose again in October and November, to 6.79% as of Nov. 7, according to data from Freddie Mac. Additionally, median home prices statewide rose 2.3%, which may also dampen buyers’ enthusiasm. The increase in median home price from September to October in Grant County was negligible, only 0.5%, and Grant County had the lowest median price in the state at $341,782.

Adams County median prices rose 38%, from $270,000 in September to $373,413, according to the NWMLS. The Adams County increase is comparable to this time last year, when the median rose 40% to $500,000, between September and October 2023, but dipped back down to $221,500 in November 2023.

Grant County had the largest increase in active listings statewide between October 2023 and October 2024, rising 54.6%. The next four largest increases in active listings were all in rural counties as well: Pacific County was up 48%, Clallam County was up 42.5%, Chelan County was up 40.9% and Lewis County rose 35.6%. Adams County decreased slightly, from 49 active listings in October 2023 to 47 in October 2024. Statewide, active listings rose by 29.8%, according to the NWMLS.

“The only thing that seems certain about this market is that houses are not becoming more affordable, due to the ongoing combination of high interest rates and rising prices,” Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington, wrote in the NWMLS’ data release.