Seattle Home Prices Drop 4.8%, Second-Steepest Among Major U.S. Metros
Updated
Updated · MyNorthwest · Jun 26
Seattle Home Prices Drop 4.8%, Second-Steepest Among Major U.S. Metros
2 articles · Updated · MyNorthwest · Jun 26
Summary
Seattle’s median home sale price fell 4.8% from a year earlier, trailing only San Jose’s 6.2% decline among major U.S. metros, as the city’s spring housing market lost momentum.
Pending sales in Seattle dropped 12%, and Redfin said high housing payments are keeping buyers on the sidelines even as the market shifts in buyers’ favor.
Nationally, home prices hit a record high, but new listings fell 1.7% from the prior week and sellers are pulling back amid softer demand and a growing seller-buyer imbalance.
Seattle’s weakness stands out against gains elsewhere, with San Francisco up 11.5%, Detroit 9.7%, West Palm Beach 9% and St. Louis 8.5%.
Pressure may be building at the high end of Washington’s market too: a local broker said listings above $2 million jumped 65% in one day after a new state tax law passed.