As expected, our local real estate market took a bit of a breather this August. Across King County, activity and prices dipped month-over-month, according to the Northwest Multiple Listing Service’s latest home sale stats.
Though some believe a hike in prices and sales this fall is inevitable, Windermere chief economist Matthew Gardner says median list prices have dropped, signaling some more chill in the home shopping game for months to come. “I believe this is because we are hitting a price ceiling and that the rabid pace of home price appreciation will continue to cool as we move through the rest of the year,” Gardner said in a statement.
This is a relative observation, of course. Prices are still extremely high in the area. In King County, the median home went for $771,750 in August, 13.5 percent higher than a year earlier. In Seattle, median cost was even greater, at $799,000, or about 4 percent more than in August of 2020.