Seattle metro home prices dip, but pain remains

What they're saying: Affordability is the catch, says Zillow spokesperson Mark Stayton. "Mortgage rates have come down a bit lately, but the typical monthly payment is still nearly $2,000 higher than pre-pandemic in the Seattle metro area."

By the numbers: Preliminary data for July from Homes.com show the region's median home price fell 0.7% year over year to $760,000 — falling $5,000 from the same time last year — with a $20,000 drop from this June.

• Condo prices dropped the most, with values falling nearly 7% year over year, per Homes.com.
• Half of all listings sat on the market for 41 days, per Stayton, who says Zillow pegged Seattle home values at $751,156 in July, down 0.8% year over year.
• Nationally, prices rose 2.1% last month, per Homes.com.

The big picture: Among the top 40 U.S. markets, Seattle ranks fifth in home prices, but it slid to 35th in annual price growth in June, down from 16th in May, says Elliott Krivenko, senior director of market analytics at Homes.com.

The bottom line: "After years of rapid price growth, the Seattle market seems to be catching its breath," Krivenko tells Axios. "These recent price shifts point to a market working through a reset and trying to find its footing."