New listings in Seattle declined by one of the largest margins in the entire country, according to the latest National Housing Report from RE/MAX.

Realtors entered 3,607 properties into the MLS during October. That’s a 17.5% decrease from October 2022, when 4,374 new listings were added to the market. The only city with a greater margin of decline was Las Vegas, where new listings fell 17.6%.

Closings also fell during the month, with 3,454 properties sold compared to 4,089 a year prior. That’s a decrease of 15.5%, the fifth-highest year-over-year decline of any metro area in the U.S.

Despite this, the average Seattle home is selling in 51 days — five days faster than last year.

John Manning, managing broker at RE/MAX Gateway in Seattle, suggested low inventory was to blame for last month’s sales activity.

“The Seattle and surrounding area market continues to suffer a chronic shortage of homes for sale,” Manning said. “Homeowners have little to no incentive to double or triple their mortgage interest rate and payment by moving. This is the primary reason for the lack of available homes.”

Seattle-area inventory reached a one-month supply during October, the second-smallest supply in the country.