The real estate market around the sound continues to cool down. One reason, mortgage rates.
The national average for a 30-year fixed mortgage is currently 6.2%, the highest rate in nearly 14 years, according to Bankrate.com.
The latest numbers from the NW Multiple Listing Service show the extent of the slow down: Pending home sales in King County last month were down about 27% from a year earlier.
Here are the median prices for single-family homes sold in August: King County $899,999, Snohomish County $749,999, Pierce County $555,000, and Kitsap County $550,000.
While home prices are dropping, they’re still higher than they were a year ago. But those listing prices could continue to decline as fewer people decide to buy right now.
More Info: Seattle-area home prices trend down. See what’s happening near you
