The National Association of Home Builders/Wells Fargo Housing Market Index rose for the fourth month in a row in April as the construction industry remained “cautiously optimistic.”     

Seattle ranked at No. 3 overall, behind Madison, Wisconsin (No. 1) and Minneapolis (No. 2).

“All signs point toward a rather unusual market through the end of 2023,” said Dick Beeson, managing broker at RE/MAX Northwest in Tacoma/Gig Harbor. “Lowering prices, lowering interest rates and longer days on the market signal some of the unpredictability of the current market.”

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.