Single-family home prices in King County dropped for the third straight month after reaching the highest they’ve been so far this year.
Though the median home sales price in King County was higher in August than a year ago, it dropped by about $57,000 since May, according to the Northwest Multiple Listing Service. The median price in August was $669,000, down from this year’s current record of $726,275 in May.
It’s the third month in a row that King County has seen a decline in median home prices.
Seattle wasn’t an exception, with the median sales price dropping by approximately $70,000 over the past three months, according to info from the listing service.
Home prices remain nearly 3 percent higher than they were last year, however.
Overall, the median sales price of single-family homes and condos in Washington was $415,000.
As prices decreased, the supply of homes increased. The supply is the largest it has been in Western Washington in the last three years. The number of active listings of single-family homes and condos rose 16.2 percent in the region. King County’s inventor rose from 3,329 a year ago to 5,803 at the end of August, according to the listing service.
Around Puget Sound, pending sales were down by more than 20 percent.
