Seattle home sales rose 27.4% year over year in October, according to the latest RE/MAX National Housing Report.

Nearly 4,400 homes sold last month, up from 3,454 in October 2023. That represents the largest annual increase in the country.

Increased sales caused local inventory to take a hit, however. Despite a 2.2% increase year over year, Seattle only had a 1.1-month housing supply in October, the fourth-lowest supply of any major city.

“Home sales have jumped almost 30% in King County in October despite a traditional seasonal slowdown in sales as winter months approach,” John Manning, managing broker of RE/MAX Gateway, said in the report. “Buyer demand remains strong with pending sales up approximately 42% in King and 45% in Snohomish counties.

“Despite these strong signals, buyers are concerned about high interest rates, property tax increases and employment,” Manning continued. “Older buyers appear to be largely absent from the market, and we speculate that property taxes in Seattle, which have increased approximately 15% since 2022, are forcing many seniors and fixed-income homeowners out of the city.”