The median home price in the Seattle metro area fell last month — a rare reversal in one of the nation's most notoriously expensive markets, according to multiple real estate reports.

Why it matters: 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.

By the numbers: The median home price in the metro area, which includes King, Pierce and Snohomish counties, dropped 1.3% year over year in May to $765,000, according to Homes.com data.

• That's the region's first annual price decline in nearly two years,
• Townhomes saw the steepest drop: down 4.9%, or roughly $33,000.
• Single-family home prices fell 1.2%, while condo prices rose 2%, bucking the trend.

What they're saying: May's year-over-year decline reflects shifting dynamics in the market, per Elliott Krivenko, a Seattle analyst for Homes.com parent company CoStar.

• "This moderation in pricing is a sign that rising inventory is giving buyers more negotiating power … and could provide some modest relief for homebuyers," Krivenko told Axios.

Zoom in: Spring is typically the hottest stretch for homebuying in the Pacific Northwest, but this year the season came early and cooled quickly, multiple reports show.

• According to NWMLS, the number of active listings in King County last month jumped nearly 58% year over year, while closed sales dropped 3.3% across the region.
• REMAX pegged the Seattle metro's median May price slightly lower at $750,000, down 3.2% year over year, the third-largest drop among major U.S. metros, managing broker of REMAX Gateway John Manning told Axios.

The big picture: Listings are piling up nationally, many to the point of going "stale," Axios' Sami Sparber reports.

• In April, 28.3% of Seattle area listings sat for 60+ days without a contract, part of a $700 billion glut of unsold inventory nationwide, per recent Redfin data.

What's next: Watch for whether summer sales momentum picks up — or if buyers stay on the sidelines amid high rates.

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The Trump administration's recent withdrawal from a landmark agreement likely sends the fate of salmon recovery in the Columbia Basin back to court.

Why it matters: The pact — known as the Resilient Columbia Basin Agreement — put a five-year stay on litigation brought by several Northwest tribes and environmental advocates over the federal government's operation of dams in the region.

Catch up quick: In 2023, the Biden administration announced it would dedicate $1 billion over the next decade to salmon restoration and tribal-led clean energy projects throughout the basin.

• The agreement stopped short, however, of calling for the breaching of four dams on the Lower Snake River, which has long been a goal of groups looking to help salmon.
• On June 12, Trump issued a memorandum canceling the agreement and calling it "radical environmentalism."

What they're saying: "The Administration's decision to terminate these commitments echoes the federal government's historic pattern of broken promises to tribes," Yakama Tribal Council Chairman Gerald Lewis said in a written statement.

• In a written statement, U.S. Sen. Patty Murray (D-Washington) called the withdrawal "grievously wrong" and "shortsighted."

The other side: Some saw the agreement as the first step toward breaching the dams, though, a move that some have said would imperil hydropower, irrigation for agriculture, and shipping on the Columbia.

• The Northwest Public Power Association, a hydropower advocacy group, in a written statement called the withdrawal "a necessary course correction."

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⚖️ King County is suing three property owners, accusing them of illegally cutting down 142 trees near Issaquah to improve views from their homes. The county is seeking $7 million in damages. (KING 5)

🔍 Staff at the only women's prison in Washington resorted to excessive force multiple times and improperly used pepper spray, per the state's Office of the Corrections Ombuds. The state corrections secretary said the allegations will be investigated further. (Seattle Times)

✈️ Boeing bears some of the blame for the mid-flight blowout of a door plug on an Alaska Airlines flight last year, the chair of the National Transportation Safety Board said at a hearing yesterday.

• The safety issues that led to the incident "should have been evident" to both the company and the FAA, NTSB chair Jennifer Homendy said. (CNN)

Seattleites can say goodbye to Memorial Stadium at a farewell event tomorrow.

Why it matters: The nearly 80-year-old stadium has been home to some of residents' most memorable moments — from the 1962 World's Fair to hundreds of high school games, graduations and concerts.

State of play: The stadium will soon be demolished to make way for a new $140 million facility backed by a public-private partnership between Seattle Public Schools and the city.

Driving the news: The free "Lights Out...For Now" event runs 4–7pm tomorrow at 401 5th Ave. North, on the Seattle Center campus.

• It will feature food trucks, photo ops and a performance by Seattle Public Schools' All-City Marching Band, per the school district.

What's next: Construction on the new stadium is expected to begin later this year.

Here's another Seattle puzzle to see how well you know your way around this beautiful city.

Beneath strings and the echoes of brass,

Clear walls lets the cityscape pass.

Where concerts take flight

And the music feels right

Guess this hall with a view made of glass.

Think you've got it? Drop us a line with your guess and show off your local know-how.