Rising property values had homeowners cashing out of their existing residences to buy bigger homes in less-expensive areas last year.

Active listings for single-family homes dropped for the first time from April to May.

Pierce County led the way with a 61% increase in single-family permits.

High-end home sales surged in the three months ended April 30 as prices also rose and listings increased.

Sellers keep winning, while the pandemic and a strong economy are redefining long-held notions about metro Seattle’s real estate market.

Home-price growth remained in double digits for the 10th straight month in May as inventory lows pushed the median listing prices up 15.2% from last year.

Year over year, however, pending home sales were up 57.1%, the NAR said, citing its monthly Pending Home Sales Index.

First-time homebuyers found their long-term plans changed due to COVID.

The median sales price of new homes sold in April was $372,400, up from $334,200 in March and $310,100 a year ago. 

Housing records continue to be broken, but despite the strong numbers, data could indicate homebuyer demand is reaching a peak.

Higher income, backed up by lower mortgage rates, has expanded the reach of the average homebuyer, but an increased demand for homes has concurrently driven up prices, negating two of the three main factors in First American Financial Corp.’s Real House Price Index.  

The limited inventory that has plagued the housing market continued, although at an abated pace.

The most expensive markets continued to experience double-digit growth in the first quarter, including Seattle.

Residential property equity continued to grow in the first quarter of 2021, with one in three homes considered equity rich.

These included 79% of the offers in Seattle, a bump from the 74.8% rate this past March and a leap from the 50% rate in April 2020.

Builder confidence was steady in May, carrying over April’s reading of 83 for another month, according to the most recent National Association of Home Builders/Wells Fargo Housing Market Index.