SEATTLE -- The city's housing market took another record-setting dip in June, according to Standard & Poor's S&P/Case-Shiller Home Price Indices.

Values in King, Pierce and Snohomish counties dipped 7.1 percent from June 2007 -- the fifth consecutive record year-to-year decline. The Seattle area ranked sixth for year-to-year change out of 20 metropolitan areas S&P ranks and 11th for monthly change.

In average, there are five homes that sit on the market for each Seattle home that sells. Each works to catch your eye with glaring red signs for special financing, reduced price and even claims of being "the best."

The housing market is close to bottom, according to real estate agent Larry Kramer.

"We've seen it coming, it's been the market for the last year," he said.

King County's median house price in July was $445,000, down 1 percent from June and 7.5 percent from July 2007, according to the Northwest Multiple Listing Service.

Lower prices brought good news and bad news.

"We're seeing a lot more traffic through open houses. On weekends we're seeing a lot more calls coming into the office," Kramer said. "Some of the best deals you could get in real estate are around here."

The bad news: most shoppers don't feel any rush to buy.

"(I'm) out just looking and getting ideas of what's out there, and I do think time is on our side," said Donna Marie. "We'll just keep looking and try to find something that fits a little better."

Portland, Los Angeles, San Francisco and San Diego also posted steep declines in median home prices. Phoenix had the biggest decline of 2.6 percent from May.

Seattle P-I is a media partner of KOMO News.