Monday, July 15, 2024

Chelan-Douglas housing market bucks national trend with strong 3rd quarter

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WENATCHEE – While the National Association of Realtors has consistently reported monthly declines in existing home sales across the nation, the Chelan-Douglas single-family home market, encompassing both new and existing homes, has shown remarkable resilience during the 3rd Quarter. The quarterly results, segmented by price range and payment method, reveal a noteworthy departure from the nationwide trend.

Though specific data figures are not available in this report, it's evident that the Chelan-Douglas housing market experienced substantial growth during the 3rd Quarter. July's home sales surged by an impressive 41% compared to the previous year, with August following suit at a remarkable 35% increase and September maintaining the positive momentum with a 10% rise. Cumulatively, these substantial gains translated into a 3rd Quarter that saw a remarkable increase of $53 million in sales compared to the same period in the previous year.

One of the most striking aspects of this remarkable 3rd Quarter is the resurgence in financed transactions, which had been trailing for the majority of the year. Notably, these transactions saw a substantial $35 million uptick in their dollar volume compared to the 3rd Quarter of the previous year. The question arises: Has the initial shock of rising interest rates subsided, contributing to this surge in financed real estate transactions? The market's reaction to the traditionally slower winter season, coupled with mortgage rates touching 8%, will provide valuable insights.

Year-to-date data reveals that the local housing market had been trailing behind the previous year throughout 2023. However, thanks to this robust 3rd quarter performance, the total sales for 2023 now exceed those of 2022 by a notable 1%.

As the Chelan-Douglas housing market continues to defy the national trend, industry experts and homeowners alike will be closely watching to see how this trend evolves during the upcoming winter season and whether the recent spike in mortgage rates will influence buyer behavior.

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