SEATTLE — The median home price in the Seattle-Tacoma-Everett region fell in September as housing inventory grew modestly and high interest rates continued to dissuade buyers.

The median home price across Washington state dropped to $630,700 in September — a 0.7% decrease from a year ago and a 3% decline from the previous month, according to the Northwest Multiple Listing Service. The agency reported similar trends across King, Snohomish and Pierce counties.

Economists attribute the slowdown to high borrowing costs. The Federal Reserve cut rates by a quarter point to 4.1% in September, but the average long-term mortgage rate rose this week to 6.34%, up from 6.3% last week, mortgage buyer Freddie Mac reported. A year ago, the rate averaged 6.12%.

“Initially, high interest rates discourag

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