Seattle-Area Home Prices Dipped Further In October

SEATTLE — Home prices around Seattle continued to fall in October, and much faster than the national average, according to a new report. The latest monthly trends from the S&P CoreLogic Case-Shiller Index found Puget Sound prices dipped another 1 percent.

All 20 cities included in the report saw downward price trends continue in October, but Seattle continues to outpace many of them. While costs are still up 4.5 percent than at the same time last year, the King, Pierce and Snohomish counties have seen a double-digit decline since May, researchers found.

"October's best-performing cities were Miami (+21.0% year-over-year) and Tampa (+20.5%), with Charlotte (+15.0%) edging Atlanta (+14.9%) for third place," said Craig J. Lazzara, managing director for the S&P DJI. "The Southeast (+17.9%) and South (+17.0%) were the strongest regions by far, with gains more than double those of the Northeast, Midwest, and West. The two weakest performers were San Francisco (up only +0.6% year-over-year) and Seattle (+4.5%). San Francisco and Seattle peaked in May 2022, and both have declined by more than -10% since then."

As the Federal Reserve boosts interest rates, Lazzara said prices will likely continue to weaken in the months ahead and notes they are falling from very high highs.

"These declines, of course, came after very strong price increases in late 2021 and the first half of 2022," Lazzara said. "Despite its recent weakness, on a year-over-year basis the National Composite gained 9.2%, which is in the top quintile of historical performance levels."

>> Read more about the latest trends here.