Housing Prices Going Down?

Posted by Amber Louback de Souza on Thursday, September 8th, 2022 at 9:05am

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SEATTLE — Housing prices coming down are a welcome sight for those in Seattle looking to buy a home. For-sale signs and open houses dot lawns in West Seattle. 

"We saw the open house sign and decided to come check it out," said Jennifer. 

Jennifer came to look at homes with her son, Brandon who is also looking to buy in the future. She has seen more houses on the market, which makes her feel better about what's available. 

"I'm renting in Arbor Heights and me and my girlfriend are looking to buy a house eventually but just how expensive everything is right now," said Brandon.

Housing prices are cooling down and the 30-year mortgage dropped a quarter of a percent this week, according to the NASDAQ. Even with this news, high inflation and another federal interest rate hike has some backing off.

"Affordability is off and psychologically people are waiting for prices to come down more," said Charles Nay, who is the Regional Vice President for Guild Mortgage Company.

"Literally houses are staying on market a lot longer. House prices are dropping anywhere from $50,000-100,000. I've seen houses drop $300,000," said real estate broker Ali Samael.

Realtors say what we're seeing is the housing market going back to normal. 

Stay up to date with me on the housing market monthly in the Pacific Northwest to determine when it is your time to find your new home!

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