The market is slowing, but it's still moving fast

June is typically a turning point for the real estate market. This spring has been a scorcher for real estate values, but we're starting to see signs of a normal seasonal slowdown. And no, this doesn't mean the market is moving slowly!

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Home values typically increase the most in the 2nd quarter and homes take longer to sell after June. The recent Case-Shiller report showed record-setting price growth in May, right on schedule.

Due to COVID-19, last year never experienced a slowdown, as the selling season was delayed by lockdowns. This year should follow prior norms as we head into the Fall. But demand is still through the roof, and pending sales are breaking records. In Seattle...

  • Pending sales are up 9% year-over-year (see below for 10 years of context)

  • The # of homes for sale is down 23% year-over-year

  • Average days on market remains at an all-time low, 6 days

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We might have seen prices hit their high for the year, but the train is still racing down the tracks!

Thanks for reading!