The latest data from NWMLS shows a real estate market shifting to something that resembles normalcy after years of a frenzied sellers’ market.

The number of homes available to buyers climbed 18.7% in June, the sharpest year-over-year increase in the history of the report.

What does the latest S&P CoreLogic Case-Shiller Index show about Seattle real estate?

The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.

The hit to affordability has lessened demand, eased price growth, slowed sales and boosted inventory

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®. 

Realtor.com’s updated 2022 forecast sees housing demand returning to pre-pandemic levels.

Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

Mortgage lending took a nose dive across the U.S. in the first quarter of 2022

Redfin economists say they expect the cooldown in budgets to lead to a cooldown in price growth over the next few months. 

Worsening affordability challenges are affecting first-time homebuyers

Active listings in May were the highest in 18 months, according to the latest Northwest MLS housing activity report.

The shift comes at a great cost as rising mortgage rates continue to keep buyers out of the market.

Nationally, the index posted its highest annual increase ever.