A report from the Seattle Times. "King County’s cooling housing market has turned downright chilly as prices have dropped to their lowest point in two years — with the median home now selling for $116,000 less than last spring. Even on a year-over-year basis, prices declined 3 percent — the first annual drop since the market bottomed out in the housing bust seven years ago, according to data released Thursday by the Northwest Multiple Listing Service."

"The median King County house price of $610,000 was the lowest since March 2017, when prices first reached $600,000. Last May, at the peak of the market, homes were selling for $726,000. The total 16 percent price drop over the last eight months is the second-biggest decline for any eight-month period on record dating back two decades. During the peak of the housing bubble a decade ago, prices sank 18 percent from July 2008 to March 2009."

"The turnaround is even more pronounced when zeroing in just on the city of Seattle. The median home in the city sold for $711,000, a decrease of 6 percent in a year and down $119,000 since last spring’s peak."

"The number of homes sitting unsold has more than doubled in the past year across the county. And while that’s been the trend for a while, new this month is a partial reason why: More people are putting their homes up for sale, as opposed to homes sitting unsold for longer."

"Home shoppers reported seeing never-been-lived-in townhomes drop $100,000 off their price. They were able to convince sellers to pay for thousands of dollars in closing costs and potentially tens of thousands more if an inspection turned up significant problems."

"Matt Holt and his fiancé began looking for a house a year ago when the market was still sizzling, only to find 15-20 offers on every house they put an offer on. They went as high as $60,000 over asking price on a house in Renton last year and agreed to waive the contingency that would have allowed them to back out of a deal if an inspection showed the house needed work — but they still didn’t get a house at the time."

"Then they got back into the market and just closed on another Renton house this week for $10,000 under asking price, with no contingencies waived. 'We went from going $60,000 over to $10,000 under on pretty similar houses in the span of eight months,' Holt said. The 'competition disappeared.'"