The decline in sales came as a 17-month run of year-over-year increases in new listings came to a close.

The move was widely anticipated and is expected to be followed by additional cuts this year. 

Across the region, rentership increased in 37 of Seattle’s 66 largest suburbs from 2018 to 2023.

The jump in mortgage activity was driven in large part by refinancings, which surged 58% in the week ended Sept. 12. 

At the same time, completions of new single-family homes were on the rise last month, according to federal statistics. 

The National Association of Home Builders said its monthly builder-confidence survey indicated rising optimism that lower interest rates could spur new-home buying activity. 

Last month’s priciest home sale in the Seattle area was a modern, $26 million waterfront estate in Bellevue.

The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024. 

The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted. 

Is it officially a buyer’s market in northwest Washington?

Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29. 

Prices for the 10 most expensive new listings in Seattle range from $3.6 million up to nearly $21 million.

Signed contracts declined despite lower interest rates and improved affordability and inventory, the National Association of REALTORS® said.   

The pace of home-price appreciation declined to its slowest pace in two years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index. 

The metro will add 11,196 units by the end of the year — and construction is only set to increase in 2026 as zoning changes related to House Bill 1110 create more opportunities for development.

The upside surprise came despite monthly and yearly declines in the pace of sales.