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Rick Palacios Jr. highlights that Seattle home prices have declined 3 percent year over year, marking the steepest drop among all markets tracked.
He adds that the months’ supply of homes in Seattle has risen to 3.7, the highest level since early 2012 and still climbing. Palacios Jr. emphasizes that the rate of change is crucial, advising clients not to rely solely on the notion that a 'normal supply' equals 5-6 months.
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Palacios Jr. previously reported that moveout rates for home purchases have dropped below post-GFC lows at some apartment REITs, as seen in recent data he shared. He also outlined five separate forces currently pushing interest rates higher, according to details from a September 17 client webinar. These observations provide additional context for his latest views on the Seattle housing market.