Spokane Real Estate Inventory and Trends

As of late August 2024, the Spokane real estate market is witnessing significant changes. The number of homes available for sale has increased by 8.6% from June to July, with 1,493 homes listed in July. This rise in inventory is seen across nearly all bedroom counts, with one-bedroom homes seeing an astounding 26.9% increase, while two-bedroom homes decreased by 8.3%. Notably, three-bedroom homes increased by 6.7%, four-bedroom homes by 13.4%, and homes with five or more bedrooms by 14.8%. These fluctuations indicate a dynamic market that could offer diverse opportunities for potential homebuyers.

In contrast, home sales in Spokane have experienced a downturn, with a 10.7% decrease from June to July 2024, equating to 309 homes sold or pending in July. Despite this decline in home sales, the market remains competitive, as evidenced by 36.6% of Spokane homes selling above the asking price in July. Furthermore, homes are selling relatively quickly, with an average of 22 days on the market, although this figure represents a 37.8% increase from the previous year. The quick turnover and competitive pricing highlight the current demand in the Spokane real estate market.

Mortgage Rates: Recent Trends and Future Predictions

The mortgage landscape has shown some promising signs for homebuyers. As of late August 2024, the average 30-year fixed-rate mortgage stands at approximately 6.54%, a slight decline from the preceding week. This trend of fluctuating mortgage rates is poised to continue, with many industry experts forecasting a potential rate cut by the Federal Reserve in September. Should this prediction come to fruition, it could further stimulate the real estate market by making mortgages more affordable for prospective buyers.

Looking at the broader national perspective, the National Association of Realtors (NAR) anticipates a more robust real estate environment in 2024, with an expected increase in home sales and potentially lower interest rates. Despite the current fluctuations, mortgage rates are projected to stabilize around 6% for the remainder of the year. This stability could be advantageous for both buyers and sellers, creating a more predictable and manageable financial environment for those entering the market.

The combination of rising home inventory and potential reductions in mortgage rates makes 2024 an intriguing year for the Spokane real estate market. These factors could provide a more favorable landscape for both homebuyers and sellers, balancing the scales in a market that has been particularly competitive. As inventory increases and financing conditions potentially ease, individuals planning to buy or sell in Spokane may find 2024 to be a promising year for real estate activities.

For more detailed information and professional guidance regarding the Spokane real estate market, you can visit forsalespokane.com.