The March S&P Corelogic Case-Shiller Index report has been released, revealing that the Seattle Metro Area witnessed the highest month-to-month change, increasing at 1.78%, and it is sustaining in the top third for annual increases at 4.15%, compared to the top 20 cities.
You can explore the full report here →
As Nicholas Godec, CFA, CAIA, CIPM, Head of Fixed Income Tradables & Commodities at S&P Dow Jones Indices, said in the report, “Looking at the market environment, affordability remained severely constrained, though it did not worsen materially in early 2025 as borrowing costs stabilized. Mortgage rates hovered in the mid-6% range throughout March, keeping monthly payment burdens near multi-decade highs relative to incomes. This continued to weigh on buyer demand, but persistent supply shortages helped counteract the headwinds.”
We are seeing the pace of both listings and pending sales increase. In fact, RSIR is consistently averaging more than $500M in active inventory with a 36% increase in supply compared to this period last year.
Tracking a similar data set for the four counties of King, Snohomish, Pierce and Kitsap showing resale of single-family homes (the same measurement for S&P/Case-Shiller Home Price Index), we can see the trends clearly here.
It does feel like the spring sales season was delayed in 2025. There was a 31% increase overall with listings while pending sales increased by 6.9% — a good sign that buyers are taking advantage of greater choice. However, with supply expanding 4.6 times the demand, one would think that prices would have softened more, but they didn’t. Average days on market climbed up slightly to 27 days but that’s still reflecting a seller’s market.
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