EducationMarket UpdateNWMLS Press Release May 8, 2023

May 2023 Seattle Housing Market Update

NWMLS Northwest Multiple Listing Service

“We’re moving in a positive direction”

*NOTE* – the data we are looking at is from the full month of April. The NWMLS comprises 26 of Washington’s 39 counties, mostly in the western part of the state.

Here are my bullet points from the newest press release from the Northwest Multiple Listing Service:

  • The latest report from NWMLS, summarizing April activity, shows year-over-year drops in new listings, pending sales and closed sales, an increase in total active listings, and lower prices.
  • With “very constricted” inventory, homes that are well priced continue to receive multiple offers.
  • In King County, the median price of $790,244 was 10.2% lower than last April’s median price of $880,000. However, a comparison with January shows prices are up 9.3%.
  • April marked the fourth consecutive month of rising prices.
  • New listings are down compared to last year, but slower sales means more total supply than a year ago.
  • “We’re moving at a slower pace than last year. We are maintaining a seller’s market given the lack of inventory along with multiple offers, as a healthy number of buyers absorb what is being listed. The key is we can’t compare today’s market to the record years we had during the pandemic.”
  • Freddie Mac data show the 30-year fixed rate mortgage rate near the end of April was 6.43%. That compares to the year-ago rate of 5.1% and a rate of 2.98% on 4/29/2021.
  • Matthew Gardner, Windermere’s chief economist, expects rates will continue to move lower with occasional spikes, and that they will hold below 6% in the second half of this year.

To read the full press release, click here.