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The seasonal slowdown of the real estate market has begun, as evidenced by the month-over-month decrease of active listings by 15.1% from 14,795 active listings in October 2024 to 12,558 active listings in November 2024. However, the market still shows signs of improvement year-over-year, with a 23.4% increase in active listings and an increase of 24.7% in closed sales (5,446) compared to November 2023 (10,177 and 4,367 respectively). The missing piece of the equation for potential buyers continues to be affordability, with the median sales price increasing 7% to $645,000, compared to $601,342 in November 2023.

NWMLS brokers added 4,768 new listings to the database in November 2024, an increase of 3.8% compared to November 2023 (4,595). When compared to last month, new listings decreased by 38.3%, down from 7,726 listings added in October 2024.

There were 5,446 closed sales of residential homes and condominium units, an increase of 24.7% when compared to November 2023 (4,367). A balanced market is considered to be 4 to 6 months by most industry

experts. At the current rate of sales, it would take less than two and a half months (2.31) to sell every home that is active in the NWMLS inventory. The six counties with the lowest months of inventory in November 2024 were Snohomish (1.37), Kitsap (1.72), King (1.91), Thurston (1.99), Pierce (2.10), Clallam (2.39), and Skagit (2.52).

Steven Bourassa, director of the Washington Center for Real Estate Research (WCRER) at the University of Washington, sees reasons for optimism in the recent developments in the Washington Legislature intended to promote the production of more housing and thereby lower prices. Among some of the new laws coming into effect in the next couple of years will be an increase to density in residential areas and the promotion of accessory dwelling units (ADUs). “It will take time for these new laws to actually produce new housing,” said Bourassa, “but the expectation is that they will help in an important way to moderate the cost of homeownership.”

– NWMLS

Existing-home sales posted the first year-over-year gain in more than three years as inventory rises.

The real estate market may be showing signs of a shift following two years of falling home sales. National Association of REALTORS® Chief Economist Lawrence Yun believes the latest housing indicators show “the worst of the downturn in home sales could be over.”

Yun points to gradually rising housing inventory, which is finally giving prospective home buyers more options to choose from after years of record low supply. “Additional job gains and continued economic and continued economic growth appear assured, resulting in growing housing demand,” Yun adds.

Existing-home sales, which account for completed transactions for single-family homes, townhomes, condos and co-ops, rose 3.4% in October compared to September, NAR reported Thursday. But possibly the most hopeful indicator that a turnaround is taking shape: Existing-home sales are now up nearly 3% year over year—the first annual gain since July 2021. – National Association of Realtors

Housing prices have remained high for the last few years, largely due to fluctuating mortgage rates and lasting economic effects from the pandemic. In response, conforming loan limits, which determine how big of a loan borrowers are allowed to take out, are set to rise in 2025. As home prices rise, the FHFA tends to raise the conforming loan limit. The new limit for 2025 is $806,500 for one-unit mortgages in most states.

The new limit represents a 5.21% increase from 2024. This increase is on the back of the FHFA House Price Index release, which showed that average U.S. home values increased by the same amount this year. – Fox Business