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

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

Nationally, the index posted its highest annual increase ever.

With affordability reduced, some buyers are pulling back from the market forcing sellers to adjust their price expectations.

Soaring home prices and markedly diminished inventory are suppressing housing affordability for many nationwide.

Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®. 

Seattle rated in the top 10 for electric vehicles, vegan options, public transportation and emissions.

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.