May 2025 Seattle Housing Market Update

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

As spring gets underway, inventory levels are high but the pace of sales is relatively slow.
Buyers were granted a bit of a reprieve as mortgage rates stayed relatively consistent throughout April, finishing out the month at 6.76%.
There was a 55% increase year-over-year in the total number of homes for sale in Seattle (2,099 in April 2025 compared to 1,356 in April 2024). When compared to the previous month, inventory increased by 20%.
The number of closed sales in Seattle for April 2025 was up about 9% compared to April 2024.
The median sold price for single-family homes and condos combined was $880,000 in April 2025, up 3.5% compared to April 2024, and up 5% compared to March 2025.
TLDR; the supply of homes is increasing faster than the demand, which is slowing price growth. April 2025 had more new listings than any single month since June 2022.