Seattle-area housing pricesare falling,and inventory is rising faster than anywhere else in the U.S., further evidence that the region’s once red-hot market may be cooling.
Why it matters: The Seattle housing market’s rapid shift marks a sharp reversal from the region’s pandemic-era bidding wars, soaring prices and limited inventory.
By the numbers: Seattle-area single-family home prices fell 2.5% year over year in March, the largest decline among major metros tracked by the S&P CoreLogic Case-Shiller Index.
- Active inventory in the Seattle metro rose 39% from a year earlier in April — the largest year-over-year increase among U.S. metros, according to the latest REMAX National Housing Report.
- New listings increased 14.5%, while homes spent an average of 51 days on the market — five days longer than last year, per REMAX.
Between the lines: “The Seattle market started late this year compared to typical seasonal trends,” John Manning, managing broker at REMAX Gateway, told Axios. He added that higher interest rates have helped cool prices, even as inventory has grown…