New listings are still in short supply, falling 21.8% from last year.

This was the fourth week in a row of declines, leaving prospective buyers hopeful for sustained low rates throughout spring homebuying season.

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The National Association of REALTORS® Pending Home Sales Index rose for the third month in a row, suggesting the housing market’s contraction could be “coming to an end.” 

In Seattle, home prices fell 5.1% on a yearly basis and 1.4% on a monthly one. 

The close-to-list price ratio in Seattle has decreased — by a lot — according to the February RE/MAX National Housing Report.

Two of the most expensive new listings were posted by Laura and Katherine Halliday of Realogics Sotheby’s International Realty.

The supply of new homes for sale ticked lower from February, according to government figures.

The annual rate of 4.58 million sales was up 14.5% from January but down 22.6% from the February 2022 rate of 5.92 million. 

Nationally, the week of April 16-22 is likely to provide sellers with the most favorable conditions for a successful sale of any week of the year, although the exact timing varies widely by market. 

Month-over-month increases in rental costs have slowed across the country, but it’s still more expensive to rent a one- or two-bedroom apartment in Seattle than it was last year.

A shortage of existing-home inventory is driving more people to the market for newly built homes. 

Increased mortgage rates have sidelined many would-be buyers, allowing inventory levels to increase. As a result, buyers can now “shop around” more than during the peak of the pandemic, putting the burden of concessions back on sellers.

Homebuilders expressed “cautious optimism” that the lack of existing inventory would drive demand for new homes despite high construction costs and interest rates, the National Association of Home Builders reported.