The number of Seattle-area homes available for purchase was up 27.5% in October compared to a year earlier, Redfin data shows.

Why it matters: The mortgage "lock-in" effect, which has contributed to the country's housing crunch by deterring homeowners from moving, won't vanish next year. But experts say more home listings will shake loose.

Between the lines: Economists expect mortgage rates will stay above 6% in 2025.

• "A substantial number" of homeowners will remain reluctant to give up their less expensive mortgages, Realtor.com chief economist Danielle Hale tells Axios.

Yes, but: The Seattle metro area has seen a big spike in new listings lately.

• Over the four weeks ending Dec. 8, the number of newly listed homes in the Seattle area was 16.9% higher than a year earlier, according to Redfin.
• That was the third-highest percentage increase among the 50 most populous U.S. metros.

The big picture: At the same time, demand among homebuyers has increased, with home tours, mortgage applications and pending sales rising nationwide, per Redfin.

• Some sellers have been putting their homes on the market to try to take advantage of that spike in demand, the Seattle-based real estate company said in a report this month.

What they're saying: "Financial uncertainty" ahead of the November presidential election was another factor dampening homebuyer demand earlier this year, per Redfin.

• "House hunters were hibernating," Chen Zhao, Redfin's economic research lead, said in a written statement. "Demand was slower than we would have expected, even with high mortgage rates."
• Now, "demand is settling into its new, post-election normal," as buyers have accepted that mortgage rates are likely to remain above 6% for a while.

The bottom line: Despite glimmers of hope in the form of increased inventory, 2025 is looking like another tough year for home shoppers.

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The northern giant hornet — commonly referred to as the "murder hornet" — has been officially eradicated in the United States, federal and Washington state officials announced yesterday.

Why it matters: Northern giant hornets, the world's largest hornet species, can destroy a honeybee hive in as little as 90 minutes, and their extremely painful stings have occasionally been fatal to human beings.

Catch up quick: State and federal agriculture officials have been working to eradicate the invasive hornet species ever since it was discovered in North America five years ago.

• The hornets, previously called Asian giant hornets, first showed up in British Columbia in August 2019, then in Washington state in December 2019.

What they did: Washington state's Department of Agriculture found and destroyed four northern giant hornet nests between 2020 and 2021.

• None of the hornets have been detected since then, per the department.
• While someone in Kitsap County, Washington, reported a suspicious hornet about two months ago, state officials say they were never able to locate it and confirm what it was.

What they're saying: Reports from members of the public proved critical in locating and destroying the hornets, Sven Spichiger, pest program manager for Washington's agriculture department, told reporters at a news conference yesterday.

• "It is a rare day when the humans actually get to win one against the insects," Spichiger said.

What we're watching: Officials say it's possible that the hornets could return, so they want members of the public to continue to keep an eye out.

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🏈 Washington State University football coach Jake Dickert is leaving to become head coach at Wake Forest University in North Carolina. (ESPN)

⚖️ The Seattle police officer who was not criminally charged last year after fatally striking Jaahnavi Kandula, 23, while speeding in his police car has agreed he committed second-degree negligent driving, a traffic infraction.

• Through his attorney, Kevin Dave agreed to pay the $5,000 fine he had disputed, take an eight-hour traffic safety course, and complete 40 hours of community service. (The Seattle Times)

A King County bus driver died after being stabbed on the bus he was driving in the University District early yesterday morning. It's the first time a King County metro driver has been killed on the job since 1998. (KOMO)

Winter mornings call for cozy breakfasts — and, if you're in downtown Seattle, Skalka's bread boats fit the bill nicely.

What to expect: Skalka, located a few blocks from Pike Place Market, makes Georgian khachapuri, fresh-baked bread boats loaded with cheese, egg, and other fillings.

Dig in: You can opt for vegetarian khachapuri or ones that include beef stroganoff or chicken ragu. 

• Start by breaking off pieces of the outer bread and dipping them in the cheesy middle. 
• While you can skip the raw egg if you want, for me, the runny yolk is part of the allure. 

If you go: You may need to wait a few minutes, as the khachapuri take 10–15 minutes to bake and are made to order.

• You can also order in advance.
• If you want, you can take your bread boat to go, and enjoy it along the waterfront while looking out over Elliott Bay.

Stop by: 77 Spring Street, Seattle. 9am-7pm daily. 

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