The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000. 

Seattle’s median home price hit a new high, while total transactions and inventory improved from month to month.

The COVID stimulus-fueled real estate market frenzy is over, and now things are downshifting to what’s considered a strong market.

The inventory of unsold homes increased in April, while the median existing-home sales price rose, according to the National Association of REALTORS®.

“Builders are responding to higher mortgage rates and are chasing rising rents, with fewer homebuyers and more renters being forced to renew their leases.” — NAR Chief Economist Lawrence Yun 

Seattle scored extremely well for the local job market and had good marks on quality of life and desirability.

The release of the monthly survey from the National Association of Home Builders comes as the Biden Administration unveiled a housing-supply action plan that aims to boost the supply of affordable apartments and new homes. 

The Tax Foundation’s ​​2022 State Business Tax Climate Index ranked Washington 15th on its list. Wyoming was No. 1 and New Jersey was last.

Despite the drop in demand, homes are selling faster than ever.

The data illustrates the struggle for first-time homebuyers trying to get a foot in the housing door in the country’s largest markets.

Despite a slow start to the spring homebuying season, prospective buyers are showing some resiliency in the face of higher mortgage rates, as seen by two weeks in a row of increasing loan applications. 

Homes are selling at record-breaking speed.

NWMLS brokers added more listings in April than any month since July, and inventory improved in pockets of the Seattle housing market.

Seventy percent of the 185 metros surveyed by the National Association of REALTORS® saw double-digit price gains in the first quarter, compared to 66% in the preceding period. 

Overall mortgage-application volume was at its lowest level since 2018, the Mortgage Bankers Association said.

Home prices nationwide continued to climb higher in February compared to 12 months ago, according to the S&P CoreLogic Case-Shiller Indices.