Prices for single-family homes reached a new record in King County last month, hitting a median average of $1.03 million, according to data from Northwest Multiple Listing Service.

Single-family homes currently make up more than 70% of zoning in Seattle.

"There are a lot of people that are sitting back, waiting for the interest rate to drop, something that President Trump has been calling for and asking for," Gee Scott, co-host of "The Gee and Ursula Show" on KIRO Newsradio, said. "Then there are those also who don't have that much money, and they are waiting for the interest rates (to drop) so they can be able to buy. Here's the bad news. The bad news is, yes, that house is at this (record-breaking) price, but if you wait for when the interest rates drop, then all of the people that really have a lot of money will be there, will bid it up, the house will go up, and now you're paying more of a price.