Nov 30, 2022 - News

Seattle's housing prices among nation's fastest cooling

For sale sign in front of house with Seattle Space Needle in background

Photo: Mike Kane/Bloomberg via Getty Images

Seattle has one of the nation’s fastest-cooling housing markets, with median sales prices down nearly 11% since April, according to the latest RE/MAX National Housing Report.

The details: Seattle's active housing inventory in October was up 130% year-over-year, the largest increase recorded so far in 2022.

  • Meanwhile, the median home sale price increased 3.7% over last October, the smallest uptick recorded in Seattle this year.
  • The current median home sale price is $675,000, down from April's high of $757,750.
  • Metro area prices declined about 3% from August to September, tying with San Francisco for the biggest monthly drop in the country, according to Seattle Times reporting on the latest S&P CoreLogic Case-Shiller Index.

The big picture: Nationally, a vastly different housing market is emerging from what we saw one year ago, RE/MAX reported.

  • In all 53 metro markets included in the analysis, there were fewer home sales compared to 2021. Overall, there were 30.7% fewer closings, 36.8% more homes listed and a national median price that was down 0.3% to $399,000 in October from September's $400,000.

What they're saying: "October home sales statistics highlight two powerful emotions — fear and denial," Manning said. "Buyers are fearful of interest rates and even more afraid of unemployment. Sellers are … in denial that their home values have corrected closer to long-term trend lines."

What's next: More of the same, perhaps, according to John Manning of RE/MAX on Market in Seattle. He said his company expects to see a continued pall in the pace of housing transactions through winter, especially if employment freezes and layoffs continue in the technology sector.

avatar

Get more local stories in your inbox with Axios Seattle.

More Seattle stories