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.