Author: Douglas Converse

In Late-Q3, ~21% of active listings had price cuts, while inventory topped 1.16M homes and moved within ~9% of typical pre-pandemic levels.
Buyer activity stayed cautious as homes under contract ↓~4% yearly for a second straight month, showing higher mortgage costs still limited affordability.
The national median list price was ~$419K, down ~1% MoM and yearly, marking an 11 mo stretch of yearly declines; price per sq-ft ↓~2% yearly.
Sellers largely stayed in the market: ~6% of listings were delisted, roughly flat yearly, while more owners reduced prices and opened negotiation room.
The next key test is whether additional price cuts bring more signed contracts, or whether rising supply and softer demand extend this adjustment period.

In Seattle, October 18-24 ranked as that year's best buying window, arriving three weeks after the national sweet spot as buyer competition typically eased later.
During that week, buyer views per listing historically sat ~52% below Seattle's peak, the sharpest pullback among the 50 largest metros studied.
Supply also improved for Seattle buyers: active listings historically ran ~32% above an avg. week, new listings ~17% higher, and homes lingered 22 extra days.
Median listing prices during that window sat ~8% below peak, or ~$67.5K on $900K, while separate Seattle data later showed median prices yearly ↓9%.
The opportunity had a catch: 30-yr fixed rates were near 7%, so analysts said prepared, pre-approved Seattle buyers were best positioned to benefit.

In the rolling 3-mo period ending Mid-Q3, sellers gave concessions in ~45% of US home sales, the highest Mid-Q3 share recorded since at least 2020.
That share was up from ~43% a yr earlier, showing buyers gained more leverage as elevated inventory and lighter competition shifted the national market.
Concessions included help with repairs, closing costs, or mortgage-rate buydowns, giving buyers multiple ways to lower total purchase costs beyond straight price cuts.
Sellers increasingly competed through closing-cost credits and rate buydowns, not just price cuts, reshaping negotiations and creating more flexible deal structures for buyers.
Nationally, ~16% of homes sold in Mid-Q3 paired a price reduction with a concession, offering another path to reduce buyer entry costs.

Indigenous Peoples’ Day celebrates, recognizes, and honors the beautiful traditions and cultures of the Indigenous People
We take a stand for and support the indigenous people on this day.
We should also offer our support to those who invest and uplift the indigenous communities.

We’re still seeing mortgage rates lingering near 7%, and the outlook suggests this could persist through the end of the year. Affordability remains a challenge for many, especially as inflation continues to put pressure on the Fed’s decisions. If inflation doesn’t cool, there’s even a chance of another rate hike, which—along with wider MBS spreads—could push borrowing costs even higher. For rates to drop in any meaningful way, we’d need to see steady progress on inflation, more stable long-term yields, a supportive stance from the Fed, and healthier mortgage-backed securities spreads. For those buying, investing, or refinancing, it’s wise to plan around today’s rates and treat any future relief as a welcome bonus. As someone who works closely with buyers and investors in the Seattle area, especially in bank-owned and distressed properties, I’m always keeping a close eye on these trends to help you navigate your options with clarity.

Washington’s position as fourth in the nation for home equity highlights just how much value our homes represent here. With median home equity at $392K and median homeowner net worth at $456.5K, it’s clear that for many in our state, real estate forms the foundation of personal wealth. The gap of about $64.5K between equity and net worth shows just how closely tied these numbers can be. As someone who works with distressed and bank-owned properties throughout the Seattle area, I see every day how important it is for homeowners to understand where their wealth sits—and how leveraging or diversifying that equity can impact long-term financial decisions. Washington’s strong housing market offers opportunity, but it’s always worth taking a closer look at your real estate exposure to ensure you’re making the most confident choices, whether you’re considering refinancing, downsizing, or simply planning for the future.

Energy efficiency is rapidly moving to the top of the list for buyers and renters here in WA. A new report highlights how factors like comfort, running costs, and year-round performance are driving property decisions more than ever. As someone with deep experience evaluating homes across the Seattle area—especially distressed and bank-owned properties—I’ve seen firsthand how features like insulation, window quality, and energy systems are now central to value conversations. The report even spotlights two local case studies, reinforcing the idea that energy-smart upgrades can position a home more favorably in the market. With evolving disclosure requirements on the horizon, energy ratings and performance details are set to become a routine part of property comparisons. For both buyers and sellers, understanding these features can be just as important as location or appearance. My background in property evaluation has shown me that what’s behind the walls matters—and it’s increasingly shaping real estate decisions in our region.