June 2023 Seattle Housing Market Update

Brokers report improving inventory and year-to-date gains in sales, prices

*NOTE* – the data we are looking at is from the full month of May. 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:

• Home buyers around Washington state found the largest selection of listings last month since December.
• Both pending sales and closed sales reached their highest volume in months.
• High mortgage interest rates (about 7%) are crimping activity.
• The median price across the entire MLS (26 of the counties in WA) is down 6.8% compared to last year, but up 10.4% since January. In King County, the residential median home price increased 16.5% since January.
• “In May, there were both fewer resale listings and a lower number of homes going under contract compared to the same month a year ago.”
• Inventory is at the highest level since December, but is still low. More than one-third of properties are sold above their list price due to limited inventory.

To read the full press release, click here.