Seattle Home Prices Dip For The First Time In Two Years

When was the last time that home prices actually started to drop in Seattle? It seems like forever. Well, it has actually happened. 

According to axios.com,
‘The Seattle metro's median home price fell last month — a rare reversal in one of the nation's most notoriously expensive markets, according to multiple real estate reports.
Even a modest dip after years of relentless price hikes and bidding wars suggests the market may be entering a new phase — rising inventory, slower sales and more leverage for buyers.’ 

So, what does this all mean? 

First off, they're not calling it a drop in prices; they're calling it a “moderation” in prices. The average price of a home in the Seattle metro area, that's King, Pierce, and Snohomish counties, has dropped about 1.3 percent year over year in the month of May, marking the first price decline in over 2 years. 

Breaking it down a little more; townhouses were down about 4.9 percent; Single family homes dropped about 1.2 percent. However, condo prices actually went up 2 percent.  

So, in the home market, what we're basically seeing is more inventory, which gives the buyer a little more leverage when shopping. That ultimately drives the price down, although fractionally in this case. 

A little bit of good news for the home shopper. Not so good news for the home seller. Now everybody is holding their breath to wait and see what happens in the months of June and July.

Seattle home prices fall as buyers pull back - Axios Seattle
Here's how much it takes to afford a median priced Seattle home - Axios Seattle