Seattle saw the country’s largest year-over-year decrease in home sales in June, the second consecutive month the city has topped that list.
Data from the RE/MAX National Housing Report shows that sales in Greater Seattle are down 27.8% annually, with 1,738 fewer closings in June 2023 than June 2022.
RE/MAX Gateway agent John Manning said the drop can be attributed almost entirely to lack of inventory. “We are seeing a return of buyers paying above list price to compete for scarce homes, which is yet another indicator of strong buyer demand,” he said.
With only 5,383 new listings added to the Multiple Listing Service, Seattle inventory reached a historic low of 0.7 months in June, well below the six months seen in a balanced market. A year ago, Seattle had a 1.1-month supply — a year-over-year decrease of 40.2%.
Meanwhile, as Manning pointed out, buyers are paying over asking price — pushing the median sales price to $700,000, the highest price recorded all year.
It’s a similar story in nearby Portland, which saw the second-highest year-over-year drop in home sales. Long story short: there just aren’t enough homes on the market in the Pacific Northwest.