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August usually gives Seattle buyers a little more breathing room. This year, they got a lot more of it. Active listings reached 1,520 in July, up 16% from last year, while pending sales fell 17% and closed sales 14%. Inventory climbed to 2.9 months — the most balanced July market Seattle has seen in at least a decade — yet the median price barely moved, settling at $999,500, just 1% below last year. Mortgage rates eased to 6.54%, trimming the estimated payment on a median-priced home by $187 a month compared with last July. More choice. Less urgency. Prices holding their ground. That tension is this month’s real story. For buyers, leverage is back — but it depends on the home. Nearly two-thirds of July sales still went pending within 15 days at full asking price, while homes sitting 61–90 days averaged about 8% below their original list price. For sellers, that gap says almost everything: pricing and preparation still create competition, but the market is no longer willing to overlook a weak launch. — Erik
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