March 2025 Seattle Housing Market Update

Here are the bullet points from the newest press release from the Northwest Multiple Listing Service (data is from the full month of February):

Traditionally a quiet month, February’s market activity reflected consumer sentiment in two important areas: affordability and available inventory.
Although the number of active listings is significantly higher than a year ago (39.4% greater), the annual growth in the number of transactions is much smaller (only 1.9%).
Overall, inventory levels remain stubbornly low.
Homebuilders are bracing themselves for increases in construction costs following the White House’s announcement of tariffs on imports from Canada and Mexico. “The prices of materials will have a major impact on affordability, and increases in construction costs will affect the prices of existing homes in addition to new homes.”
“CoreLogic has estimated that the tariffs might increase the cost of home construction by 4% to 6% across the country, while household fixtures, such as appliances and cabinets, could increase in price by 10% to 20%.”
30-year mortgage rates dropped slightly from 6.95% to 6.76%.

To read the full press release, click here.