KIRKLAND, Washington (November 4, 2021) – Northwest Multiple Listing Service brokers are detecting indecisiveness by some buyers who are getting mixed “work from home” messages from their employers. The hesitancy, coupled with cooler, wetter weather and increases in mortgage rates were likely factors in slower listing and sales activity during October.

Northwest MLS brokers reported 10,620 pending sales last month, a drop of 3.8% from a year ago and a decline of 6.2% from September. Pending sales volume fell in 13 of the 26 counties in the MLS report, but tight inventory could be hampering the ability of buyers to find their dream home.

The latest report shows there were 9,983 closed sales during October. That was 823 fewer completed transactions than a year ago (down 7.6%) and 306 fewer than September (down about 3%).

John Deely, executive vice president of operations at Coldwell Banker Bain, suggested the cooler activity may be the result of several factors but also expressed some optimism. “While the overall slowdown in the market is seasonal and can be attributed to people being priced out of the market, as well as a slight uptick in interest rates, supply chain issues experienced with construction materials late this summer are beginning to normalize.”

Deely, a member of the Northwest MLS board of directors, said the cooling might also be impacted by employees who are hesitant to buy as they are getting mixed “work from home” messages from some of our region’s top employers. “There are questions about how much house they will need for a home office or whether they will be working from a centralized location.” While changing policies are creating indecisiveness for some buyers, Deely said others are pursuing secondary home markets, choosing quality of life over the need to be near an urban core – “betting that the ‘work from home’ option is here to stay.”

House hunters were able to select from 9,219 new listings MLS added to inventory last month. That was 1,209 fewer than the same month a year ago for a drop of 11.6%. Compared to September, new listing activity shrunk nearly 19%