It’s no secret that the housing market has seen a shift in the last few months, with rising interest rates and inflation causing some buyers to halt their home search. However, despite these changes, Washington state was recently ranked as the second most stable housing market in the country.
Based on a recent study from CNBC, which weighed economic health, annual home price appreciation, new construction per year and foreclosures and insolvency from the beginning of 2022, Utah is the most stable housing market at the moment, with Washington close behind. Following Washington were Florida, Texas and Idaho at numbers 3, 4 and 5, respectively.
The Evergreen State’s 2022 Economic Rating put it at number 3 in the country for that category, while Utah was number 6. However Utah had a higher price appreciation of 27.1% compared to Washington’s 20.1%. Arizona, Idaho and Florida also led the nation in terms of price appreciation at 27.4%, 27% and 25.7%, respectively.