City-by-city price comps
Seattle

Home prices are 35 percent above equilibrium, according to Local Market Monitor. Sales are down 40 percent year-over-year, according to John Burns Real Estate Consulting. Although prices and construction levels are declining, it still is one of the less-affordable markets in the United States, and the firm expects that price declines will improve affordability. It posted a 40-percent drop in building permits from December 2007 to December 2008.

Median price end of 2008: $325,900
Median price end of 2007: $377,500
Percent change: -13.7%
Projected change through Q3 2009: -9.1%
Affordability rating: 5.1
Foreclosures in 2008:
(1 for every 116 households)
9,239
Foreclosures in 2007:
(1 for every 211 households)
5,016
Change in foreclosures: 84.2%
Expected to hit bottom: Q4 2009
Percent drop needed to reach bottom: -17.5%
Current rate comparison
» Click here to view the Top 40 map.
Price trends
Q1 2008 national median price: $196,100
Q2 2008 national median price: $206,400
Q3 2008 national median price: $200,400
Q4 2008 national median price: $180,100
Q1 2008 local median price: $372,300
Q2 2008 local median price: $380,500
Q3 2008 local median price: $350,000
Q4 2008 local median price: $325,900



 Back to the 40-city chart overview.

More From Bankrate