Understanding the Market in Seattle

These two graphs show a confusing trend.

Supply of homes is double what it was a year ago and demand has slowed significantly. This should mean that prices are coming down, but not yet, prices are still up +6% vs last year.

But, prices are trending down this summer (-9% since the median high of $1,010,000 in May). This is the usual seasonal slowdown, just a little more than the last few pandemic years.