Seattle home prices still dropping as Tacoma home values rise, study finds

The average July home sales price there was $375,000 – more than $20,000 above the average at the same time last year, for an increase of 5.6 percent.

Not only that, but nearly half of the homes in Tacoma – some 46.8 percent – were sold above their list price in July.

Homes sold quickly in Tacoma, too. The average home sold after only 11 days on the market – the second-fastest rate in the nation.

Those trends were a reversal of the picture from two years ago, when Seattle home prices were shooting up by 12 or 13 percent year-over-year and Tacoma home values were more stagnant.

As a result, Seattle has now become too pricey for many homebuyers, and Tacoma is now a more attractive real estate market.

Meanwhile, nationwide, median home prices rose by an average of 3 percent as the supply of homes for sale dropped by 3 percent.

“July home prices and sales were weaker than I had expected, especially given that falling mortgage rates have been luring homebuyers back to the market since early spring,” said Redfin chief economist Daryl Fairweather.

“Even though we’ve seen increased interest from homebuyers … uncertainties in the overall economy and talk of a looming recession have people feeling jittery about making a huge purchase and investment.”

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