According to a recent study by Case-Shiller, the price of single-family homes across the Seattle metro area declined 1.3% in September as compared to the prior month. This change follows a 1.6% drop the month before and a 0.5% drop the month before that. The declines are the fastest measured since 2011. No other city in the country came down more than 0.3% and Seattle's decline tripled San Diego's rate.

The index is notable in that it covers the full metro area from Pierce to King to Snohomish counties. Prices had been falling from their spring highs in Seattle and parts of the Eastside, but the market had still been humming along on the outer reaches of the region until recently; now, prices are falling on a month-over-month basis just about everywhere.

Brokers and buyers have reported fatigue as prices have climbed to increasingly unaffordable levels after six years of steep price growth that has far outpaced wage gains. At the same time, rents have stayed flat while interest rates continue to tick up, putting less pressure on buyers to act now. More homes are sitting on the market unsold, prompting sellers to cut list prices and be willing to negotiate.

The declines each of the last few months are relatively small, but taken together they represent quite the reversal. Prices have decreased 3.3 percent over the last three months; earlier this year, prices were soaring as much as 8 percent every three months.

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