Seattle home sellers are increasingly dropping their asking prices
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About 47% of Seattle home sellers dropped their asking price in July, per the latest analysis by real estate company Redfin.
Why it matters: Sellers are tempering their expectations as the real estate market cools slightly.
- The share of Seattle homes with price cuts nearly doubled from a year earlier, when it was only 24.7%, Redfin found.
Zoom out: More than 15% of home sellers dropped their asking price in every major U.S. metro, per Redfin.
What's happening: Market shifts led buyers to expect lower prices, according to the report.
- "Rising mortgage rates and the prospect of falling home values also made buyers hesitant to pay sky-high prices, and an uptick in supply gave them more to choose from," per Redfin.
Yes, but: The median home price in Seattle still rose 7.5% year over year, hitting $860,000 in July.
Of note: Several cities that attracted hordes of eager homebuyers during the pandemic — including Tacoma, Washington — are now among those with the largest share of sellers dropping prices, Redfin found.
- The cooling market in Tacoma led 54.8% of sellers to cut their prices in July, per Redfin.
- That places Tacoma among the top 10 cities for price-cutting nationwide, while Seattle ranked in the top 15.
Reality check: Expect price cuts to flatten out as sellers adjust course, Redfin said.