Seattle’s median home price hit a new high, while total transactions and inventory improved from month to month, according to the latest RE/MAX National Housing Report.
Total transactions in Seattle increased from 5,700 in March to nearly 6,000 in April. Active inventory, a severe problem in the Seattle housing market for months, more than doubled from March to April. New listings increased from 6,400 to 7,200 month over month.
The numbers matched the typical seasonal housing market trends. Real estate activity overall tends to increase in the spring.
Pricing continued to climb, with the median Seattle home price hitting $758,000. That’s up from $734,000 in March and $640,000 from April 2021.
“Activity remains a bit higher in the outskirts of Seattle, likely because the affordability is greater in these outlying counties,” said Scott Comey, CEO of RE/MAX Elite in Lynnwood. “In addition, we are still seeing multiple offers on many properties, and depending upon the county, homes are selling for between 5% to 12% higher than the asking price.”
Nationally, April home sale transactions increased less than 1% compared to March and dropped 12.8% year over year across the report’s 53 metro areas. The numbers signal a flattening of the national real estate market, the RE/MAX report said.