King County home prices drop for the first time since May 2020
-
Loading... - Jeffrey McKay
- 10 Mar 2023
- 66 Views
- 0 Like
- 0 Comment
King County home prices tumbled 7% in February, the first year-over-year drop since the once-sizzling housing market began to see cooling prices.
The February price drop in King County, the first since May 2020, reflects the new realities of the broader Seattle-area housing market. Fewer people are buying homes and fewer homeowners are listing their houses and condos for sale than a year ago, according to February data released by the Northwest Multiple Listing Service on Monday.
“It’s a total 180,” said Seattle Redfin agent Sarah Rollinger. “Sellers last year were eager to get on the market … and buyers were willing to spend extra money knowing that their monthly payment would be so much more affordable.”
King County joins other nearby counties that have seen monthly price drops for months. In February, the median King County home sold for $800,000, down about 7% year over year, according to the listing service. Within King County, prices fell most on the Eastside, where the median single-family home sold for about $1.3 million, down 21% from a year ago.
