LONG BEACH — Typically among the slowest months for real estate sales, December 2024 was true to that pattern, with 29 residential sales countywide — 18 of those in south county, according to to Northwest Multiple Listing Service. That compared to 24 sales countywide and 19 in south county in December 2023.

Pending sales were also sluggish as December ended, with 28 countywide and 22 in south county, down 6.7% and 4.35% respectively.

Available inventory in Pacific County trended upward in December, with 161 active listings as the month ended, up 20% from 134 a year before. South county accounted for most of the inventory gain, with 125 dwellings on the market, up 36% for a year earlier.

The median sales price of houses countywide was $310,000 in December, off 17% from the median of $372,500 in December 2023. In south county, the median was $354,950, a year-over-year drop of 6.6%. Elsewhere in the county, seven houses sold in Raymond for a median of $299,000.

Condo sales were a bright spot in south county in December, with five selling for a median of $360,000, compared to two that averaged $339,500 the year before.

Median means half sold for more and half for less.

Despite hopes among potential home buyers and sellers, as well as economists’ predictions, the Federal Reserve Bank’s three interest rate cuts in 2024 did not lead to reduced mortgage rates or a significant boost in the housing market. Instead, as of Jan. 2, 2025, mortgage rates rose to 6.91%, their highest level since July 2024, according to NWMLS’s monthly market survey.

“The 30-year mortgage interest rate was actually higher at the end of 2024 (6.85%) than at the end of 2023 (6.61%),” said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington. He anticipates that mortgage rates will continue to frustrate the market. “We may well be experiencing the pains of adjusting to a new normal, with persistent interest rates of 6% or higher.”

On Friday, Jan. 17, interest rates in Washington were 7.32% for a 30-year fixed mortgage and 6.52% for a 15-year fixed mortgage, according to Bankrate’s survey of the nation’s largest mortgage lenders.