The Seattle Times reports that the median price of King County single-family homes sold in July slipped 3% over the month to $485,000 – a surprising reversal for a month that had actually seen peak prices in each of the past two years.
The drop comes after King County’s median home price hit a post-recession peak of $500,000 in June.
July’s median price, reported Wednesday by the Northwest Multiple Listing Service, represented a 3.6% gain over the past 12 months, the weakest annual gain so far this year.
Possible reasons why the drop:
- An aberration in an otherwise rising market
- Due to a lower price mix of homes that sold
- Lack of homes for sale that meet buyers’ needs (low inventory)
More than half of Seattle Times readers who responded to a poll last month said “the single biggest reason” keeping them from buying a home was affordability. Another 20% said they couldn’t find a home they want to buy.
July King County median prices in the past five years:
More charts and news at Seattle Times, August 6, 2015