A new law going into effect this summer in Washington aims to address the state’s housing supply woes. The legislation lifts zoning restrictions to allow for more multifamily development and comes as the median single-family home price in the Seattle area set a new record by exceeding $1 million.
Home prices rose in more than 80% of U.S. metro areas in the first quarter of 2025 — even as affordability remained stretched and fewer markets posted double-digit gains.
According to the National Association of Realtors (NAR), 189 of 228 metro areas (83%) saw year-over-year increases in the median price for existing single-family homes. That’s a slight decline from 89% in the fourth quarter of 2024.
Weekly pending home sales disappointed in the last week of April, with 10% fewer than the same week in 2024.
To be specific, single-family home sales came in 8% fewer than the same week last year, and condo sales came in 19% fewer. Nationally, weekly pending home sales saw only a small rebound after the Easter holiday from two weeks ago.