Seattle actually leading the nation in home price decline

Nov 28, 2018, 5:57 PM

seattle home prices...

(File, KIRO 7)

(File, KIRO 7)

Seattle is finally leading a desirable national statistic with regards to housing: Home prices in the Seattle area are falling faster than the rest of the country. We were leading only a few months ago.

According to the Case-Shiller home-price index, single-family home costs declined 1.3 percent in September, following a 1.6 percent drop the month before. What’s especially striking is how widespread the drop is; it extends from Pierce to King to Snohomish counties.

“The word has gotten out on Seattle being a really expensive place to live,” said KIRO Night’s Drew Barth. “And I wonder how many people are just looking at Seattle as a non-starter.”

RELATED: With Seattle now second to Vegas in home prices, is relief on the way?

This appears to be the case. The housing market has seen pricing fatigue from brokers and buyers after the unrelenting price growth, which easily outpaced wage gains, reports The Seattle Times. With the increase in homes on the market, sellers have been forced to be more flexible and are cutting prices.

Despite the decline, it’s still only a drop in the bucket for housing prices that remain up 61 percent more than inflation since 2012. For co-host Gee Scott, the increased cost of housing in city centers isn’t a sacrifice worth making.

“Let me ask this: Would you rather save yourself $200,000-$300,000 on a house, but maybe increase your drive everyday by an hour and a half? I’m taking the drive,” he said.

“For as much stress as traffic causes you, as frustrating as it may be, it’s just limited to that moment,” added Drew. “But when you’re struggling to make rent or get by, it’s a pervasive thought that is always with you.”

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Seattle actually leading the nation in home price decline