Seattle Home Prices Fall 1.8% as Inventory Jumps and Sales Drop 6.4%
Updated
Updated · Yahoo Finance · Aug 1
Seattle Home Prices Fall 1.8% as Inventory Jumps and Sales Drop 6.4%
3 articles · Updated · Yahoo Finance · Aug 1
Summary
Seattle became one of the weakest major U.S. housing markets in May, with prices down 1.8% from a year earlier—the second-steepest decline among big cities.
Double-digit inventory growth and a 6.4% sales drop are driving the slump as tech layoffs hit demand and new housing supply outstrips buyers.
The weakness is uneven: the median listing price still stood at $738,000 in June, while single-family homes in some northern neighborhoods draw bidding wars even as condos and Eastside luxury homes slow.
Seattle's recent construction boom has left builders with harder-to-sell stock, and new-home sales have slipped below levels seen after the financial crisis, according to John Burns Research and Consulting.