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eattle-area home prices remain high, but more listings and flexible sellers are emerging. According to data from Northwest Multiple Listing Service, newly listed single-family homes and condos increased in King, Snohomish, and Pierce counties last month compared to the same time last year. However, prices either remained steady or rose slightly.

    In King County, the median sale price for single-family homes was $1 million, unchanged from a year ago. In Snohomish County, it fell 1.6% to $805,000, while in Pierce County, it increased 0.9% to $580,000. Kitsap County saw a significant jump of almost 10% to just under $600,000.

    Buyers are holding back due to high prices and hope for lower mortgage rates later this year. The Seattle area is an outlier compared to the rest of the country, where new listings remained relatively unchanged from last year. However, Seattle posted one of the biggest year-over-year increases in new listings among major metro areas.

    Homes are lingering on the market for a few weeks longer than they were at this time last year, giving buyers more breathing room. Agents say this is a solid time for buyers, with more room to negotiate and less pressure to make quick decisions.

    The high inventory is a result of months of accumulation, with more listings coming onto the market than selling. This has given buyers an edge that they haven't had in a long time. In King County, total active listings are up across all types of homes, while sales have remained steady or dipped.

    Condo prices have also been affected, with median prices falling in Seattle and remaining flat on the Eastside. Agents say condos, especially studios and single-bedroom units, are the toughest to sell right now.

    Buyers have more choice and leverage than they did a few years ago, but prices remain high due to strong demand. Affordability remains a major issue for many demographics, particularly first-time homebuyers and those earlier in their careers. Some buyers are opting to continue renting over buying due to concerns about the local job market and economic downturn.

    The second half of the year might see some home prices soften slightly as the higher level of inventory brings down prices modestly. However, if buyers continue to stay away, sellers might delist their homes and rent them out instead until demand comes back.