Seattle's booming housing market continued to show minuscule signs of a seasonal slowdown last month, providing little, if any, relief to buyers according to Zillow's latest market report which examined nationwide housing trends in October.
The seasonal reprieve in the hot housing market began in September as prices began to stabilize from last year's record gains. For the Seattle metro, the new report found the typical home value was $695,058 in October, up 21.8% — or $124,712 — compared to the same time last year. The report also showed that home value appreciation has slowed since September and continued to slightly ease last month.
However, for-sale inventory remains historically low, and buyers have fewer options. Seattle experienced a 4.5% drop in inventory from September to October. Compared to this time last year, inventory is down 13.6% and many experts don't see it rising to pre-pandemic levels soon.