{"id":123126,"date":"2026-05-07T06:03:11","date_gmt":"2026-05-07T09:03:11","guid":{"rendered":"https:\/\/ubirataonline.com.br\/king-countys-housing-market-is-looking-pretty-bad\/"},"modified":"2026-05-07T06:03:13","modified_gmt":"2026-05-07T09:03:13","slug":"king-countys-housing-market-is-looking-pretty-bad","status":"publish","type":"post","link":"https:\/\/ubirataonline.com.br\/en\/king-countys-housing-market-is-looking-pretty-bad\/","title":{"rendered":"King County\u2019s housing market is \u2018looking pretty bad\u2019"},"content":{"rendered":"<p><\/p>\n<div id=\"article-content\">\n<p>It\u2019s shaping up to be another disappointing spring for Seattle-area home sellers \u2014 and many buyers.<\/p>\n<p>Despite the arrival of warm weather that typically reinvigorates buyers, more listings are lingering on the market or dropping in price as home shoppers grow wary of looming economic conditions intensified by the war in Iran.<\/p>\n<p>Real estate agents say their buyers are suffering from information overload. The war in Iran has sent mortgage rates up. Higher gas prices are stretching budgets. Layoffs lurk in the back of tech workers\u2019 minds.\u00a0<\/p>\n<p>\u201cOur buyer confidence is just up and down \u2014 and mainly down. They are quick to talk themselves out of lots of things,\u201d said Renton Windermere broker Heather Maddox.<\/p>\n<p>Last month, the median single-family home price in King County dropped 7% to $960,000 year over year while closed sales fell 1%, according to data from the Northwest Multiple Listing Service released Tuesday.<\/p>\n<div id=\"graphics-gallery-embed-483062148\" class=\"graphics-gallery-container mv-4 u-border-b u-border-t u-border-light-gray pv-3 column-width-embed graphics-gallery__captions-disabled\">\n<p>Home price activity<\/p>\n<p>Monthly median sale prices for single-family homes in King, Snohomish, Kitsap and Pierce counties varied. The median is the price at which half sold for more and half sold for less.<\/p>\n<\/p><\/div>\n<p>The sluggishness is especially apparent in some of the county\u2019s most active markets. Seattle\u2019s median single-family home price dropped 3% year over year to almost $999,000, although closed sales haven\u2019t budged. Eastside homes suffered even more, with prices down 5% to around $1.6 million and closed sales down 13%.<\/p>\n<p>\u201cOn the whole, it\u2019s looking pretty bad in King County,\u201d said Steven Bourassa, director of the Washington Center for Real Estate Research. \u201cBut none of it is surprising. We knew a month ago that the war in Iran was likely to put upward pressure on interest rates.\u201d<\/p>\n<p>Mortgage rates briefly dipped below 6% in late February just days before the U.S. and Israel struck Iran. The oil-rich country retaliated by effectively blocking the Strait of Hormuz, one of the world\u2019s busiest oil-shipping channels. The blockage sent energy prices soaring, which in turn sent mortgage rates up to nearly 6.5% in early April.\u00a0<\/p>\n<p>Mortgage rates are influenced by a variety of factors, including bond market movements, inflation expectations and economic conditions \u2014 all of which have been impacted by the war.<\/p>\n<p>While a fragile ceasefire is in place, the strait remains effectively closed. Mortgage rates fell slightly to 6.3% at the end of April, but that was high enough to deter buyers,\u00a0 Bourassa said.<\/p>\n<p>\u201cYou would expect (home) prices to go down in this kind of a situation,\u201d he said. \u201cI don\u2019t see things improving anytime soon.\u201d<\/p>\n<p>Single-family median prices in neighboring counties, however, held strong. Pierce and Kitsap counties saw median prices jump a few percentage points from last April to nearly $600,000, while Snohomish County\u2019s median price didn\u2019t budge from $800,000.\u00a0<\/p>\n<p>Despite no movement in median price last month, closed single-family home sales plummeted 15% in Snohomish County \u2014 indicating sellers are holding firm on listing prices there, Bourassa said. Closed sales in Pierce fell slightly from the year prior, while they inched up in Kitsap.<\/p>\n<p>Still, the slow market hasn\u2019t stopped a flood of new single-family home listings from hitting the market.<\/p>\n<div id=\"graphics-gallery-embed-1365397492\" class=\"graphics-gallery-container mv-4 u-border-b u-border-t u-border-light-gray pv-3 column-width-embed graphics-gallery__captions-disabled\">\n<p>April median price of home and condo sales in King County<\/p>\n<\/p><\/div>\n<p>New listings rose 13% in King County, 19% in Snohomish County, 18% in Pierce County and 17% in Kitsap County from a year ago.<\/p>\n<p>Bourassa said sellers are pushing forward with listing their homes despite the weaker market because they\u2019re tired of waiting for interest rates to fall after years of hovering between 6% and 7%.<\/p>\n<p>\u201cWhen interest rates went up, sellers were reluctant to sell, just as buyers were unable to purchase,\u201d he said. \u201cI think (sellers) have just gotten to the point where they just don\u2019t want to put it off any longer.\u201d<\/p>\n<h2 class=\"wp-block-heading\"><strong>\u2018Falling through the cracks\u2019<\/strong><\/h2>\n<p>Even real estate agents, normally bullish no matter the market conditions, are feeling disappointed this spring. Buyers are feeling more uncertain about the future amid the global political tensions and rising costs.<\/p>\n<p>\u201cGas prices are high. Grocery prices are high. All the other parts of their budget are much higher than they\u2019ve been in the past, and so money just feels stretched,\u201d Maddox said. \u201cIt sort of takes kind of this perfect home and perfect week for buyers to really get excited and jump.\u201d<\/p>\n<p>That has split the market, brokers say. Some listings are flying off the market within days with multiple offers. But homes that don\u2019t make the cut are lingering.<\/p>\n<p>\u201cI think we have more homes falling through the cracks than ever before,\u201d she said.<\/p>\n<p>Price cuts are often necessary for those homes sitting on the market. But Maddox said many of her sellers are grappling with a new grim reality after seeing homes sell for pretty pennies during the pandemic, when extremely low mortgage rates set demand on fire.<\/p>\n<p>That\u2019s especially painful for homeowners looking to upgrade or downsize. With higher interest rates, their buying power hinges on what they can net on their current home.<\/p>\n<p>Real estate agents are having more pricing conversations than ever with sellers, to explain a home is only worth what a buyer is willing to pay, \u201cregardless of what your neighbor\u2019s home sold for or what Zillow is telling you or what you need or want,\u201d Maddox said.<\/p>\n<div id=\"graphics-gallery-embed-795700316\" class=\"graphics-gallery-container mv-4 u-border-b u-border-t u-border-light-gray pv-3 standard-embed graphics-gallery__captions-disabled\">\n<p>Home and condo sales in King County this April<\/p>\n<\/p><\/div>\n<p>Kim Colaprete, owner and managing broker of Team Diva Real Estate in Seattle, said she has noticed an influx of town homes that are particularly difficult to sell this season. As new town homes hit the market with updated interiors, older town homes with deferred maintenance are falling behind.<\/p>\n<p>\u201cPart of the problem is there\u2019s just so many of them,\u201d she said.<\/p>\n<h2 class=\"wp-block-heading\">\u2018Successful way\u2019 for buyers<\/h2>\n<p>If you\u2019ve tried selling a Seattle-area condo recently, you\u2019re probably thinking, \u201cWelcome to the club.\u201d\u00a0<\/p>\n<p>The condo market has been bogged down by high homeowners association fees and a lack of interest since the rise of remote work. Those factors continued to add pressure on the market as sellers entered the usual peak selling season last month.<\/p>\n<p>Compared with a year ago, the median condo sale price fell 10% to $539,000 in King County. In King County\u2019s most active condo markets in Seattle and on the Eastside, median prices fell 4% to $575,000 and 7% to $700,000, respectively.<\/p>\n<p>Although the slow condo market has plagued condo sellers, buyers who seek a more urban lifestyle are receiving price discounts and concessions, Colaprete said.<\/p>\n<p>The broker herself experienced that when she decided to downsize from a house and buy a Seattle condo last month. She said she watched the condo\u2019s price fall month over month as it sat on the market.<\/p>\n<p>\u201cThat\u2019s a successful way to purchase properties,\u201d she said. \u201cLook for properties that are sitting on the market and go in strong.\u201d<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/www.seattletimes.com\/business\/real-estate\/king-countys-housing-market-is-looking-pretty-bad\/\">Source link <\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>It\u2019s shaping up to be another disappointing spring for Seattle-area home sellers \u2014 and many buyers. Despite the arrival of warm weather that typically reinvigorates buyers, more listings are lingering on the market or dropping in price as home shoppers grow wary of looming economic conditions intensified by the war in Iran. Real estate agents [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":123127,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAow2JLhCw:productID":"","_gspb_post_css":"","maa_idioma":"","maa_pais":"","footnotes":""},"categories":[1],"tags":[9670,33587,12700,5115,6832,17835],"class_list":["post-123126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ubirata","tag-bad","tag-countys","tag-housing","tag-king","tag-market","tag-pretty"],"blocksy_meta":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>King County\u2019s housing market is \u2018looking pretty bad\u2019 - Ubirat\u00e3 Online Not\u00edcias - A realidade ao seu alcance!<\/title>\n<meta name=\"description\" content=\"It\u2019s shaping up to be another disappointing spring for Seattle-area home sellers \u2014 and many buyers.Despite the arrival of warm weather that typically\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ubirataonline.com.br\/en\/king-countys-housing-market-is-looking-pretty-bad\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"King County\u2019s housing market is \u2018looking pretty bad\u2019\" \/>\n<meta property=\"og:description\" content=\"It\u2019s shaping up to be another disappointing spring for Seattle-area home sellers \u2014 and many buyers.Despite the arrival of warm weather that typically\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ubirataonline.com.br\/en\/king-countys-housing-market-is-looking-pretty-bad\/\" \/>\n<meta property=\"og:site_name\" content=\"Ubirat\u00e3 Online Not\u00edcias - 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