Are home prices going up or down in Seattle?

Home prices in Seattle are actually going down, even though they went up a tiny bit last month. The median listing price is [VALUE: $780,000], which is [VALUE: 2.4%]] lower than it was a year ago. Even though prices dipped over the year, homes in Seattle are not selling as fast. The typical home stayed on the market for [VALUE: 36 days] last month, which is [VALUE: 20%]] longer than a year ago. This means buyers have a bit more time to look around. There are also a lot more homes for sale. We saw [VALUE: 10,456]] active listings last month, which is [VALUE: 21%]] more than last year. But fewer *new* homes are coming onto the market, with [VALUE: 6,100]] new listings, down [VALUE: 8.4%]] from last year. More sellers are also cutting their prices. About [VALUE: 19%]] of homes had a price reduction, which is up [VALUE: 2.7%]] from last year. This suggests that sellers are having a harder time getting their original asking price. For you as a homebuyer, this could mean more choices and potentially better deals. With prices slightly down and homes taking longer to sell, you might have more room to negotiate. Make sure to compare current prices to what homes sold for a year ago, as the typical price per square foot is down [VALUE: 3.6%]] to [VALUE: $452].