Seattle just posted the biggest drop in pending home sales of any major city in the country, and KIRO host Ursula Reutin and KIRO fill-in host Angela Poe Russell said the numbers point to something deeper than a normal market cooldown.
Pending home sales in the Seattle area fell nearly 15.6% in July compared with a year ago, according to Redfin. Mortgage rates remain high, the median home price still sits around $900,000, and tens of thousands of tech workers have been laid off across the region. But Angela said the real question is whether this is a blip or something more fundamental.
“You have two problems going on here,” Angela said on “The Gee and Ursula Show” on KIRO Newsradio. “You have, first of all, the actual layoffs that have happened, and then the fear of: is this a temporary dip, or is it a revolution where we’re actually going to change what the jobs are that drive our economy?”
On the ground, stuff is sitting
Angela said she has been hearing directly from people in the real estate industry, and the picture isn’t good…