Home prices slip in October as inventory swells

It's becoming a classic buyer's market across Western Washington, with plenty of homes available and prices slipping slightly in some places, according to the Northwest Multiple Listing Service's October home sales report released today.

There were 14,240 single family homes and condominiums on the market last month in King County, about 44 percent more than a year ago.

Prices, meanwhile, dropped about 1 percent from a median of $391,300 a year ago to $387,500 in October.

In Snohomish County, the number of homes listed increased even more in October compared with last year, rising 51.6 percent to 6,857.

Median home prices in that county increased 5.8 percent to $352,874, according to the report. Median means half the homes sold for more, half sold for less.

"I think a number of buyers are thinking that there might be better deals in the future," said Bob Melvey, assistant manager of Windermere Real Estate in Ballard.

Reacting to the higher inventory of homes and slipping prices, some sellers are taking their homes off the market with the intention of renting them.

"The sellers are thinking, 'Well, I don't really have to sell now and things will get better,'" said Melvey.

Pending sales continued their decline in October, slipping 28.5 percent to 2,366 in King County compared with last year.

In Snohomish County, pending sales dropped about 34 percent to 894, according to the report.