Seattle saw the third-largest drop in home sales in April, according to the RE/MAX National Housing Report. The area also saw some of the biggest year-over-year decreases in new listings and median sales price.

Closings fell by 39.3% year over year in Seattle — in April 2022, 6,058 homes sold versus 3,677 in April 2023. Only two cities in the country saw larger margins of decrease: Portland, Oregon (-40%) and San Francisco (-42.3%).

When it comes to new listings, Realtors entered 4,377 new properties into the Multiple Listing Service during April. A year ago, there were 7,200 new listings — a decrease of 39.2%, the largest in the country.

“The Seattle market continues to struggle as the number of available homes for sale remains far below demand. At the same time, prices have fallen due to the significant drop in buyer purchasing power from rising interest rates and cost of living hikes due to inflation,” said John Manning, managing broker at RE/MAX Gateway. “Overall, buyer demand for housing remains robust, but many sellers are staying put to hang on to ultra-low interest rates. The traditionally hot spring market has not materialized because there are so few homes to consider.”

Median sales price has also dropped by 10.9% in Seattle. A year ago, the median sales price was $757,750. Last month, the median house sold for $675,000.

“In this environment, prices for desirable homes are still being pushed to their highest point due to buyer competition,” Manning continued. “We expect the market to remain stable through the summer, barring further significant interest rate movements.”