Seattle-based Redfin recently announced that the city of Emerald is experiencing more housing cooling than any other US city.

SEATTLE — According to red finSeattle’s housing market is cooling faster than any other city in the United States.

“I don’t think Seattle is all that different, it’s more expensive than a typical market, which makes it more sensitive to these swings in mortgage rates,” said Dylan Fairweather, chief economist at Redfin.

The company attributes the slowdown to high mortgage rates, inflation and economic uncertainty.

“These high mortgage rates are really a lot of dollars in a market as expensive as Seattle,” Fairweather said.

Now we see the results. According to the Northwest Multiple Listing Service, a nonprofit that tracks Washington real estate, homes are on the market longer than they were in 2021. In September of this year, housing inventory was about two months.

“In April, we had about ten days, at most fourteen days of inventory. So a very big difference between today and the peak of the market,” said Ginger York of Marketplace Sotheby’s International Realty.

York said homes are also lowering their listing prices, giving buyers more opportunities to negotiate.

“In April they had a choice of two or three houses, now they have a choice of ten to twenty houses and that might get them into their favorite neighborhoods,” York said.

While home prices are falling, the median home price is still higher than last year in Seattle. In September 2021, the median sale price of a home in Seattle was $765,000; In September 2022, it was $815,000.

“Our King, Pierce and Snohomish county markets are still up 5.1% in September and that’s above 2021. So sellers still have gains,” York said.

Interest rates are now at 7%, which warns some against diving into this market. With so many unknowns, KING 5 asked Fairweather about future predictions.

“For the most part, we expect house prices to remain flat and that means house prices are as likely to go up as they are to go down. Both scenarios are likely,” Fairweather said.