Seattle home sales increased by 7% in January, marking the first year-over-year increase since March 2022. Meanwhile, home sale prices increased by 3.4% year over year, with the median price reaching $650,000.

According to the RE/MAX National Housing Report, the average seller also received 99.1% of their asking price in January, up from a 97.5% close-to-list price ratio a year prior.

Despite this silver lining, Seattle still saw one of the largest year-over-year decreases in active inventory last month. There were 3,333 properties for sale in January — a 23.2% decrease from January 2023, when there were 4,342 homes on the market. The only market with a greater margin of decrease was Las Vegas, where active inventory fell by 32.8% year over year.

“Typically, our market seasonality begins to shift in February with more homes becoming available,” John Manning, managing broker of RE/MAX Gateway, said in the report. “Although it seems there has been a modest uptick in homes, there is no indication yet that any relief is imminent for homebuyers desperately seeking homes in the area.”

As for the homes that do hit the market, they’re selling about a week faster than they did last year, with the average home selling in 63 days.