While homes prices were up by double-digits compared to a year ago, the market frenzy that has affected most of this year is showing some signs of moderating. With the exception of the Eastside, prices for most of the region were down from their peak. Home sales generally outpaced the same period a year ago, but a shortage of inventory continues to tip the advantage in favor of sellers.

Eastside

Click image to view full report.

Bucking the trend of moderating prices, the Eastside saw the median home price soar 14 percent over last year to a new record high of $769,000. That eclipses the previous peak of $760,000 in May of this year. Very tight inventory in this highly desirable market was reflected in flat sales growth compared to a year ago.

King County

Click image to view full report.

King County saw home prices moderating for the second month in a row. The median price of homes sold in August was $550,000. That represents an increase of 10 percent over last year, but a drop from the high of $570,500 in June.

Seattle

Click image to view full report.

The median price of a single-family home in Seattle was $625,000 in August. While down from the record high of $666,500 in June, that represents a healthy 9 percent increase over the same time last year. Demand continues to exceed the supply of inventory, particularly for entry-level homes.

Snohomish County

Click image to view full report.

Snohomish County’s August median home price of $400,000 was just shy of the record-high of $405,000 set in July. The median price here is $150,000 less than King County, making Snohomish County a more affordable option for buyers willing to trade a longer commute time for lower housing costs.

Eastside

Home to the highest concentration of luxury homes in the state, the Eastside continues to be the highest priced region of King County. Median home prices here were up 10 percent over last July to $750,400. That is down from the May peak of $760,000, and virtually unchanged from June. Buyers looking in this desirable market may be seeing the start of easing home prices.

King County

After five months in a row of record-setting prices, King County saw the median price of a single-family home drop slightly from the high of $570,500 in June to $555,000 in July. However, July’s median price was up 14 percent over a year ago. An increase in inventory, accompanied by a slight slowdown in sales, may indicate that the market is settling down from the frenzied pace we’ve experienced so far this year.

Seattle

Seattle also saw a small decrease in home prices, with the median price of a single-family home dropping from its record $666,500 in June to $650,000 in July. The July number still represents a hefty 13 percent increase year-over-year. Some buyers are looking to the areas of North King County that include Shoreline, Lake Forest Park and Kenmore for a more affordable alternative. Prices there soared 18 percent over last year, but the median price of $505,000 is significantly less than Seattle.

Snohomish County

The median home price in Snohomish County topped $400,000 for the first time, setting a record for the third straight month. Prices were up nearly 12 percent over the same time a year ago to $405,000. With prices here about 25 percent less than King County, buyers looking for lower housing costs continue to fuel an environment where multiple offers are common.