The Seattle housing market experienced year-over-year declines in home sales in June while sale prices increased, according to the latest RE/MAX National Housing Report.

Following four consecutive months of rising month-over-month sales in Seattle, closings fell 8.8% month over month and 8.3% year over year in June. Meanwhile, the median home sale price rose 7.1% from $700,000 to $750,000. That’s the third most expensive median home sale price in the country, behind only San Francisco and Honolulu.

“The Seattle and King County market is experiencing some turbulence with buyer demand diminishing relative to earlier in the year,” John Manning, managing broker at RE/MAX Gateway, said in the report. “With talk of interest rate drops, buyers may be waiting for better mortgage pricing before committing to a new home. Whether this is a good strategy remains to be seen as home prices overall are up 7.1% over this time last year.”