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.


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