High mortgage rates aren't just thwarting would-be homeowners. They're also doing a number on rent prices — and a panel of experts predict that trend will continue into 2023.
Driving the news: A majority of economists and housing experts surveyed by Zillow say they expect rents nationwide to rise faster than inflation in the next 12 months.
Seattle's housing market is cooling faster than any other in the country, according to the real estate brokerage Redfin.
Driving the news: Of 100 major cities, Seattle ranked No. 1 when it came to several signs of a slowing market, per a Redfin report released Wednesday.
Some 15,341 new apartments are expected to be completed in Seattle this year, putting the metro on track to hit a five-year high in apartment construction, per data from the listing service RentCafe.
Why it matters: The new supply of units could eventually bring down rental prices, which have recently soared alongside housing prices, making it harder for people to find an affordable place to live, Axios' Jacob Knutson reports.
Out-of-towners who moved to Seattle in the first half of the year had 0.8% more to spend on a home than locals, per an analysis by real estate company Redfin.
- The average maximum budget of newcomers was $1,229,642 compared with $1,220,439 of locals.
When it comes to housing growth, King County isn't the leader in Washington state.
Driving the news: Data from the U.S. Census Bureau shows the number of housing units in King County increased by 1.2% between July 2020 and July 2021.
Seattle homebuyers make more money than they did before the pandemic — but it's not enough to keep up with the leap in home prices.
By the numbers: The median income for Seattle homebuyers in 2021 was $148,000, up 10.4% from 2019, according to a Redfin analysis of mortgage data in the 100 largest metro areas nationwide.
About 47% of Seattle home sellers dropped their asking price in July, per the latest analysis by real estate company Redfin.
Why it matters: Sellers are tempering their expectations as the real estate market cools slightly.
A total of 7,100 mixed-use apartments have been completed in Seattle since 2012, per a report from RentCafe, a national apartment-search website.
Why it matters: Rental communities that include residential, office and retail space gained a foothold in the last decade, especially as the pandemic heightened renters' preference for having daily activities close at hand, the report found.
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