Spokane Housing Market

HOW’S THE SPOKANE MARKET?

The answer to that question should be fluid, just as the real estate market shifts and changes.  In 2022 we witnessed a year where the interest rate, the average 30-year fixed rate, doubled in one year.  It was the fastest rise in mortgage rates ever seen since they started tracking them over 50 years ago.  It was clearly an anomaly year.

What’s Happening in 2023

Lawrence Yun, Chief Economist for the National Association of Realtors®, says:  “A return to a normal spread between the government borrowing rate and the home purchase borrowing rate will bring the 30-year mortgage rate down to around 6%.”

Ali Wolf, Chief Economist for Zonda, says this:  “The housing market is expected to face continued uncertainty heading into 2023 as consumers, financial markets and policymakers work through their respective challenges in today’s economy.”

Barry Habib, Founder & CEO of MBS Highway, says:  “Because we see a slowdown and we see the inflation comparison start to become more and more favorable, you’ll start to see that inflation number move lower, lower, and lower.  As a result, mortgage rates should move similarly on a downward trajectory, probably giving us around 5% or below 5% within the next six months.”

Variable Economies

While there are many prognosticators out there giving us their two bits about the U.S. economy and the real estate market, keep in mind that geographical regions are impacted differently from one another, sometimes dramatically.  So, I would encourage you to visit this web page regularly to get updated.

For the latest National market intel, Click Here.

For the latest Spokane market intel, Click Here.