Home prices are continuing to fall across an unseasonably cool Seattle-area real estate market, with homes that would have been snapped up in an instant just several months ago now sitting unsold, our online news partner The Seattle Times reported Friday.
The cost of the median single-family house in Snohomish County last month was $492,000, up 8.2 percent from a year ago but down from the record high of $511,000 two months prior.
The drop in demand is part of a national trend as home prices – combined with higher mortgage rates – hit a point where fewer and fewer people can afford them, The Times said. The fact that Seattle-area rents have stopped growing this year has put less pressure on buyers, as well. Local population and job growth has also slowed in recent months.
You can read more in The Times story here.