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#11 - Interest Rates HOLD STEADY: How It's Shaping Seattle's Real Estate
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In the latest episode of the Seattle Real Estate podcast, the focus was on the current state of the housing market as the year winds down. A notable point of discussion was the Federal Reserve's decision to maintain higher interest rates, currently hovering around 7.2%, a slight decrease from the 7.8% peak. This marginal reduction has sparked a cautious optimism among buyers and sellers, leading to a modest increase in market activity. Interestingly, the holiday season's typical slowdown in real estate transactions is compounded by the current high-interest environment. Despite these challenges, median home prices have continued to rise, with a 4.6% increase compared to last year. The podcast highlighted the unique dynamics of the Pacific Northwest market, emphasizing the limited inventory driving home prices upward, and the anticipation of potential interest rate reductions in 2024. While the market isn't booming, there's a sense of cautious optimism as the industry navigates through these economically challenging times.
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