Seattle Homes Selling Below Asking Price for the First Time in Years

"For the first time in four years, the average house sells for a bit below the listing price in Seattle and across the surrounding metro area, another sign that a hectic market has finally calmed down for burned-out buyers," reports Mike Rosenberg.

"As recently as May – a time now seen, in hindsight, as perhaps the peak of the market – homes in Seattle were selling on average for 6.3 percent above the list price, according to Redfin. Now, they’re going for 0.6 percent below asking," adds Rosenberg.

According to Rosenberg, the trend is found throughout the larger metropolitan area, and it's changing the experience of looking for, and buying, a house.

As for why the Seattle housing market is settling, Rosenberg doesn't speculate or cite anyone willing to do so. Instead, we have here a lot of evidence about the current trend and historical data to put it all in context.