Both pending and closed home sales fell in Seattle in July, Redfin said in its latest housing report.

Closings declined 9.1% in the metro, which was the fifth-largest annual decrease of any major city in the United States. Pending, sales meanwhile, dropped 15.6% — the largest decline in the country.

Active listings, however, increased by 16.7% year over year, more than in any major U.S. city.

Redfin cited tech layoffs at Amazon and Microsoft as one factor hurting the local housing market.

“Seattle is a tech-driven market, and right now a lot of buyers are feeling cautious about layoffs, AI and job security,” Redfin Premier agent Chase Costello said in a press release. “Tech workers aren’t moving between companies — or moving into the area — as much as they used to, and that means fewer people are trading up into new homes. Buyers are still out there, but they’re taking more time and being more careful about making a major purchase.”

Amid a slower market pace, the median Seattle sales price declined 3.6% to $809,479, the second-highest decline in the country.