Seattle-area home prices dropped more than anywhere else in the country, according to the new Case-Shiller home price index released Tuesday. The index showed the region’s largest monthly drop in home prices since the late stages of the housing bust.
Just this past May – which in hindsight appears to have been the peak of the current market – homes in Seattle were selling on average for 6.3 percent above the list price. Now, they’re going for 0.6 percent below asking.
The actual list price of homes is dropping at a similar rate. In all, sales prices have dropped nearly 7 percent, or $55,000, in Seattle since the spring.
The last time the average home here sold for below list price was during a brief lull at the end of 2014.