Seattle home prices fall, but housing costs stay stubborn
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Seattle-area home prices were down in August from a year earlier, while asking rents rose over the same period, new housing data show.
Why it matters: Local buyers are gaining some negotiating power as prices soften and more sellers cut asking prices — but mortgage rates above 7% are eating into that advantage.
By the numbers: Home prices in the Seattle-Tacoma-Bellevue metro were down 0.8% in August compared with a year earlier, according to Freddie Mac.
- Asking rents rose 2% over the same period, per Zillow.
- More recent data from Redfin shows the median price of Seattle-area homes sold during the four weeks ending Sept. 27 was down 4.5% year over year. That measure swings with the mix of homes sold, so it can differ from Freddie Mac's index, which tracks price changes on repeat sales.
- 57% of Seattle-area homes sold in August went for below asking price.
The big picture: Nationally, home prices rose from a year earlier, according to Freddie Mac.
Reality check: The median sale price in both Seattle and King County was $850,000 in September, per the Northwest Multiple Listing Service.
The bottom line: Buyers may have more room to bargain, but high mortgage rates — and rising rents for those staying put — mean housing isn't getting cheap.