Seattle home sellers are dropping asking prices as the housing market cools.

About 47% of Seattle residence sellers dropped their asking worth in July, per the newest evaluation by actual property firm Redfin.

Why it issues: Sellers are tempering their expectations as the true property market cools barely.

• The share of Seattle houses with worth cuts practically doubled from a 12 months earlier, when it was solely 24.7%, Redfin discovered.

Zoom out: Greater than 15% of residence sellers dropped their asking worth in each main U.S. metro, per Redfin.

What’s occurring: Market shifts led patrons to anticipate decrease costs, in keeping with the report.

• “Rising mortgage charges and the prospect of falling residence values additionally made patrons hesitant to pay sky-high costs, and an uptick in provide gave them extra to select from,” per Redfin.

Sure, however: The median residence worth in Seattle nonetheless rose 7.5% 12 months over 12 months, hitting $860,000 in July.

Of notice: A number of cities that attracted hordes of keen homebuyers throughout the pandemic — together with Tacoma, Washington — are actually amongst these with the most important share of sellers dropping costs, Redfin discovered.

• The cooling market in Tacoma led 54.8% of sellers to chop their costs in July, per Redfin.
• That locations Tacoma among the many prime 10 cities for price-cutting nationwide, whereas Seattle ranked within the prime 15.

Actuality verify: Anticipate worth cuts to flatten out as sellers alter course, Redfin stated.