A report from Chase-Shiller released on Tuesday shows home prices in the greater Seattle metro area (King, Pierce, and Snohomish Counties) are dropping faster than anywhere else in the United States.
The report shows single-family home prices dropped 1.3 percent in September, and that is after dropping 1.6 percent the month prior. These are some of the fastest price drops since 2011, according to the report.
In fact, over the past two months, Seattle’s decline was more than three times the next closest comparable area of San Diego.
So why is this?
Primarily, it is buyer fatigue. With home prices going up and up, while wages stay down buyers are simply not making the moves. Combine that with all the incentives landlords are giving renters, it makes it a little easier for buyers to stay put.
In the grand scheme of things, these numbers are small – but point to a possible shift in buying habits in our area over the last three months.
The trend is showing up nationally too. The report says price growth is down 5.5 percent on a year-over-year basis.
