SEATTLE — The median home price in the Seattle-Tacoma-Everett region fell in September as housing inventory grew modestly and high interest rates continued to dissuade buyers.
The median home price across Washington state dropped to $630,700 in September — a 0.7% decrease from a year ago and a 3% decline from the previous month, according to the Northwest Multiple Listing Service. The agency reported similar trends across King, Snohomish and Pierce counties.
Economists attribute the slowdown to high borrowing costs. The Federal Reserve cut rates by a quarter point to 4.1% in September, but the average long-term mortgage rate rose this week to 6.34%, up from 6.3% last week, mortgage buyer Freddie Mac reported. A year ago, the rate averaged 6.12%.
“Initially, high interest rates discouraged both sellers and buyers, but in recent months, sellers have been listing properties at a faster rate than buyers have been purchasing them,” said Steven Bourassa, director of the Washington Center for Real Estate Research at the University of Washington.
Bourassa told We that sellers have grown frustrated with homes lingering on the market.
“Home prices are expected to move sideways and pick up again in early 2026 with the spring homebuying market, though the overall rate of appreciation will be slower as buyers’ incomes catch up and affordability remains the top concern,” said Selma Hepp, chief economist at Cotality.
Active listings rose 27.3% year-over-year in September, with 20,052 homes hitting the market compared to 15,748 a year earlier. Closed sales, meanwhile, increased only 5.9%, from 5,828 to 6,170.
In the greater Seattle area, large investors have played a modest role in the market. Groups holding more than 100 properties added more than 200 homes between April and June, according to Hepp.
Experts say the activity is partly driven by new zoning laws that have made it easier to redevelop single-family lots.
“Seattle has liberalized its zoning, making it easier to build more housing on a single-family lot,” said Daryl Fairweather, Redfin’s chief economist. “That’s good news for investors willing to put in the work to build a duplex or add an ADU on the lot. Seattle also has a large population of high-income earners who may be looking to become mom-and-pop landlords and build wealth through real estate.”
트위터 공유: 시애틀 주택 가격 하락세 지속