Seattle-area housing market cools, but concerns remain for buyers

The average home price in Washington is $627,000.

SEATTLE — Plunging home prices are a welcome sight for those in Seattle looking to buy a home. For sale signs and open houses line West Seattle’s lawns.

“We saw the open house sign and decided to check it out,” said Jennifer Lulow.

Jennifer came to look at houses with her son Brandon, who also wants to buy in the future. She’s seen more homes on the market which gives her a better sense of what’s available.

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“I rent in Arbor Heights and my girlfriend and I would like to buy a house someday, but how expensive everything is right now,” Brandon Lulow said.

Home prices are cooling and the 30-year mortgage fell a quarter percent this week, according to the NASDAQ. Despite this news, high inflation and another federal rate hike have eased somewhat.

“Affordability is off and psychologically people are waiting for rates to keep coming down,” said Charles Nay, regional vice president of Guild Mortgage Company.

“Houses literally stay on the market a lot longer. Home prices fall anywhere between $50,000 and $100,000. I’ve seen homes drop by $300,000,” said real estate agent Ali Samael.

Realtors say what we are seeing is the housing market is getting back to normal.

Download our free KING 5 app to keep up with news from across western Washington. Seattle-area housing market cools, but concerns remain for buyers

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