Existing-home sales in Washington State rebounded strongly in February 2019, experiencing the largest month-over-month gain since December 2015, according to the National Association of Realtors. From January to February 2019 there was an increase of 11.8%.
According to the Washington Center for Real Estate Research, Washington for-sale home inventory increased 17.6 percent from year on year (2017 / 2018).
Median sales price for a typical house in Washington State as of March 31, 2019 is $385,900.00 up 6.1 percent from last year. Zillow predicts prices will rise another 3.5% in 2019.
According to HUD In the calendar year 2018, FHA’s overall share of the mortgage market was about 17%. 2018 ended with just under 20% market share for FHA loans.
Today’s rate. Current rates in Washington are 4.059% for a 30-year fixed, 3.521% for a 15-year fixed, and 3.819% for a 5/1 adjustable-rate mortgage (ARM).
Freddie Mac predicts that total home sales will slowly regain momentum, eventually increasing to 6.09 million in 2019 and to 6.14 million in 2020.
The Fannie Mae economic and strategic research group Group’s housing and mortgage finance forecast calls for total home sales in 2019 to be essentially flat from 2018.
The HPI national Forecast suggests the median sale home price will rise 2.7% in real, or inflation-adjusted, between September 2018 and September 2019. CoreLogic.
According to Veros Real Estate Solutions, despite low projections, Washington State will lead in real estate appreciation in 2019. In the most recent release of the US Housing Outlook Report Versos names the top 10 housing markets projected to appreciate by a staggering 6.5 to 9.5 percent. Washington state boasts as home to 3 of those cities
According to Eric F ox VP of statistical and economic modeling at Veros, Washington state MSAs are a projected leader with an expected appreciation from 9.3 to 11.7% thru September 2019.
The three markets in Washington with real estate values projected to exceed 6% appreciation are Bellingham, Olympia, and Mount Vernon.
Have questions? Sammamish Mortgage is a local, family-owned company based in Washington State. We serve the entire state, as well as the broader Pacific Northwest region. Please contact us if you have mortgage-related questions.