Single-family home prices in King County saw a remarkable run from January to July, when the median price hit $434,000, a 24% increase in just seven months. Sounds like a 2006 market, doesn’t it?
Then a jump in mortgage rates took some steam out of the market. In August, the median sale price slipped almost 1%.
And in September, it slipped again, by more than 2%, to $420,000. While prices often dip in autumn, it was the second-biggest percentage drop for September in a decade, behind only the 5.7% drop in September 2007.
This slowdown in price increases is affecting two-thirds of the 100 largest metros according to Trulia. Both in Seattle and nationally, price growth is ebbing due to higher mortgage rates and more homes being available to sell.
Still, King County’s housing market remains robust: September’s median price was up 12% from September 2012.
Click for more… Seattle Times