When paying $60,000 above asking price feels like a deal: Here’s what a cooling housing market looks like in the Seattle area

Source: Seattle Times — 

The white-hot Seattle-area housing market has started to cool, by some measures. Last month, fewer new listings hit the market here and home prices dipped compared to a month earlier, according to data released Tuesday by the Northwest Multiple Listing Service.

Brokers report occasional price drops, and one local economist says we could be hitting a “price ceiling.” But a year of runaway growth has already done its damage.

Home prices across the Puget Sound region remain up by double-digit percentages compared to last year and 2019.

The dual realities — a cooling market with high prices — reflect the ongoing effects of the pandemic-fueled housing boom. Low interest rates, a flood of interested buyers and few homes listed for sale drove up prices here and around the country.