Signs of a cooling market: Home prices are down in Central Seattle

A new report by Northwest Multiple Listing Service shows housing prices are still going up — but not as fast as they were a year ago.

The Northwest Multiple Listing Service says home prices are down in several areas across the county. They include south Seattle, Lake Forest Park, and Enumclaw.

Andy McDonough with HomeStreet Bank says we've experienced a shift in the housing market.

"Now, while it's not officially a buyers market, if you're looking to buy a home today you're in much better shape than you were just a few months ago," McDonough said.

As a whole, King County home prices were 7.9 percent higher in September than a year prior. One driving reason is an increase in homes on the market. Listings were up 78 percent in September year-over-year.

McDonough says the market will get even better for buyers soon with an influx of new condos opening. But that will come at the same time that federal interest rates are forecast to increase.

"While you may be waiting for prices to come down you will also be waiting for interest rates to go up," McDonough said. "So there's never, like, a perfect time to time the market."

Home prices were down 3 percent in Central Seattle, Leshi Mount Baker, and Seward Park. They fell 8.6 percent in Lake Forest Park and Kenmore, and nearly 14 percent in Enumclaw.

Still, home prices rose 17.6 percent in Dash Point and parts of Federal Way; 16 percent in Queen Anne and Magnolia. East of Lake Sammamish, home prices jumped nearly 20 percent.