Seattle has the fourth-highest home sale prices in the U.S., according to the latest RE/MAX National Housing Report.

Seattle’s median sales price rose 9.6% year over year in April, increasing from $675,000 in April 2023 to $740,000. The only metro areas with higher housing prices were San Francisco, Los Angeles and San Diego.

Meanwhile, Seattle tied Manchester, New Hampshire, as the metro with the lowest housing supply in the country. Despite a 2.9% year-over-year increase, Seattle had only a 0.6-month inventory in April.

“Active inventory has risen sharply since April but not nearly enough to meet demand,” John Manning, managing broker at RE/MAX Gateway in Seattle, said in the report. “The greater Seattle area remains at ultra-low supply levels. We are seeing median prices rise by 1%-plus per month, but paradoxically, certain sectors of the market are slowing down, particularly in the sub-$1 million market. We believe this to be linked to ever-rising costs of living coupled with high interest rates hitting first-time and less affluent buyers hardest.”