Home Sales Surge: Building Momentum for 2024 After a period of decline, the real estate market is showing signs of revival. The National Association of Realtors (NAR) reports a 0.8% increase in existing-home sales last month, breaking a five-month streak of declines. This uptick is largely attributed to falling borrowing costs and a surge in single-family home construction, which increased by 18% in November. Chief Economist Lawrence Yun anticipates continued growth, driven by lower mortgage rates and increased inventory from new home constructions. Despite high prices, first-time buyers are reemerging, accounting for 31% of sales in November. This resurgence is particularly notable in the South and Midwest, where sales rose significantly. For more details, check out the full report here. Seattle Housing Market: Competitive Yet Cooling Seattle’s housing market remains a hotbed of activity with home prices continuing to rise, albeit at a slower pace. King County, including Seattle, saw a 12% year-over-year increase in median home prices, reaching $980,000. Despite the high prices, the market is slightly cooling, offering buyers some negotiation power. The “lock-in effect” is causing limited inventory as homeowners are hesitant to sell and face higher mortgage rates. However, there has been a slight increase in new listings, easing some pressure. Homes in Seattle are still selling quickly, often within two weeks, reflecting the market’s competitiveness. Dive deeper into Seattle’s market trends here. Major Industrial Acquisition: Amazon Warehouse Bought for $45.25M In a significant move within the industrial real estate sector, a national real estate firm has acquired an Amazon-occupied warehouse near Cincinnati/Northern Kentucky International Airport for $45.25 million. This acquisition underscores the ongoing demand for logistics and industrial properties, fueled by the growth of e-commerce. Industrial real estate continues to be a lucrative investment as companies like Amazon expand their logistical operations. This trend highlights the strategic importance of such properties in the current economic landscape. Learn more about this acquisition and its implications here.