After six brutal years for buyers, everything is moving in their direction: prices are down, inventory is up, there’s less competition and even interest rates have started to tick back down again.
The cool-down in King County’s real-estate market has now reached six months, and the drop in home prices over that span is among the largest on record.
King County’s median single-family home price fell to $644,000 in November, all the way from $726,000 in the spring, according to new figures released Thursday by the Northwest Multiple Listing Service. Prices have been falling faster here than anywhere else in the country.
The price drop equals 11.3 percent over six months, more than any May-to-November stretch since such data has been tracked.
The biggest six-month decline for any time of year happened after the housing bubble popped last decade and prices plunged 14 percent. Of course the difference is that home values continued to plummet for years in the last bubble, while there are few early signs of such a prolonged downturn this time.
Regardless, the market continues to shift in buyers’ favor.