LETTER FROM THE EDITOR

We’re more than halfway through the year and while the U.S. real estate market has surprised in many ways with its resiliency, it has not defied reason or logic. Economics 101 teaches us price is an interaction of supply and demand and as long as supply is low there will be a demand and prices will be stable or rise. The housing market continues to be fueled by the lack of existing homes available for sale, resulting in a return of home price growth month-over-month throughout the majority of the first two quarters of 2023. Removing the unicorn years of 2020 –2022, on average, active inventory nationally has reached levels 50% below the pre-pandemic years of 2017 – 2019.

Couple an inventory-starved market with the Federal Reserve’s ongoing efforts to tame inflation through raising the benchmark interest rate ten (10) consecutive times in the last fifteen (15) months causing significant mortgage interest rate volatility during that period and you have a recipe for a complicated and misunderstood market. This is where hiring a skilled Berkshire Hathaway HomeServices real estate professional can benefit you because they know the optimal pricing and marketing strategies for your home to ensure you realize maximum value. It’s why we’re … Good To Know!

As our quarterly report shows, year-over-year comparisons of the Q2 2022 and Q2 2023 Pacific Northwest market portray a significant decline in sales, yet the month-over-month narrative of the first half of 2023 paints a different reality – one of plateauing and modest growth in price and sales in many submarkets throughout the region. It’s why a Berkshire Hathaway HomeServices sales professional is the key to a successful home buying or selling experience and why the critical information in this report will empower you with the knowledge you need when making one of the biggest decisions of your lifetime.

Jason Waugh, President & CEO