Seattle-area homes linger on the market as higher rates hit buyers’ power

By Heidi Groover

November 8, 2022

Seattle home sellers are waiting longer to find a willing buyer despite lower prices, signaling a dramatic shift from the bidding wars of just six months ago.

Rising interest rates, meant to slow inflation, are making life harder for homebuyers, leaving many of them on the sidelines as their buying power shrinks. In turn, would-be sellers are holding off on listing their homes. The result: Across the Puget Sound region, fewer new listings hit the market in October than a year ago, and more homes were still lingering on the market at the end of the month, according to data released Monday by the Northwest Multiple Listing Service.

Look no further than Snohomish County, where there were three times as many homes still for sale at the end of October than at the same time last year. See More

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