Tech layoffs and rising inventory have made Seattle's housing market one of the weakest in the country — but it's still ultra-pricey

After years of flying high, the Seattle area has become one of the softest housing markets in the country. Home prices are down 1.8% in May from a year earlier, the second-steepest decline for a major US city. Inventory levels are up by double-digit percentages over last year, while sales declined 6.4%. Yet even amid a steep decline in sales, prices in the Emerald City remain high. The city's major technology employers are shedding jobs, but stubbornly high prices have stymied prospective buyers.