The numbers are “truly astounding related to price appreciation and inventory on hand. While the data suggest housing sales overall may be slowing, that is related directly to a lack of inventory. With demand outstripping supply, prices tend to rise. The Seattle area ranked second nationally in home price appreciation for the past 12 months. If no new inventory came on the market, we are at 2.19 weeks of inventory, leading to bidding wars, escalating prices, and severe buyer fatigue. There was a significant increase in new listings between February and March, but despite this, total active inventory was lower. This is a clear indication that the market remains very bullish, and homes are selling lightning fast across all price points, even in the luxury market. A lot of the urgency from buyers is due to rising mortgage rates and the fear that rates are very unlikely to drop again as we move through the year, which is a safe assumption to make.