Seattle Pending Home Sales Plunge 15.6% as $809,479 Prices and Tech Layoffs Chill Buyers
Updated
Updated · GeekWire · Aug 12
Seattle Pending Home Sales Plunge 15.6% as $809,479 Prices and Tech Layoffs Chill Buyers
3 articles · Updated · GeekWire · Aug 12
Summary
Redfin said Seattle-area pending home sales fell 15.6% from a year earlier in July, the steepest drop among major U.S. metros and part of the weakest national market in nearly two years.
A median sale price of $809,479—about double the U.S. average of $408,795—has left the market especially exposed to high mortgage rates and buyer caution.
Tech layoffs are deepening that pullback: Amazon has cut 16,000 jobs this year after about 14,000 last fall, while Microsoft cut about 15,000 in 2025 and another 4,800 last month.
Closed sales in Seattle dropped 9.1%, placing it among the five sharpest declines nationwide, while Houston and Phoenix also posted double-digit pending-sales drops.
The divergence is widening across U.S. housing markets, with pending sales rising in West Palm Beach and Milwaukee and San Francisco benefiting from AI-driven demand.