Housing prices slide in Seattle - Axios SeattleLog InLog InAxios Seattle is an Axios company.

Nervous buyers watch housing prices slide in Seattle

Potential home buyers arrive to an open house in Seattle. Photo: Mike Kane/Bloomberg via Getty Images Though buying a house in the Emerald City remains far from affordable for many, interest rate increases and more listings on the market means a correction is underway, . Driving the news: The Seattle housing market with a 120% rise in inventory and a 30% drop in transactions year over year, the second largest drop of 2022, the report found. What they're saying: "There is no longer any doubt that the Seattle housing market is in a correction," John Manning, owner of RE/MAX On Market in Seattle, said."Median prices are down, and the days-on-market have increased." The big picture: The brought to the U.S., with the national median resale price topping . In San Francisco and Silicon Valley, the sale price of the typical home approached $2 million. In Seattle, .But the one-two punch of and increasing affordability challenges means that boom is likely over, . Seattle and other West Coast tech hubs are seeing the largest home value pullbacks, according to CoreLogic's monthly home price index. By the numbers: The price tag on homes in four Seattle-area counties ticked down by 2-3% from August to September, according to , with the median price of single-family homes coming in at:$875,000 in King County$735,000 in Snohomish County$539,997 in Kitsap County$538,000 in Pierce County The bottom line: Manning said inexperienced buyers may be nervously watching the market from the sidelines, while more experienced buyers — who expect to refinance when mortgage rates come down — will take advantage of the pressure on sellers to negotiate better prices and terms. Get more local stories in your inbox with .Subscribe Support local journalism by becoming a member.

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