Our analyst, keeping an eye on the market.

Redfin has their monthly state-of-the-market real estate report out, and the headline is “Prices Up, Fundamentals Down” (for June compared to May). By “up,” they mean a 1.7 percent price increase, and by “down” they mean inventory grew five percent, in tandem with the number of houses sold dropping two percent.

While sellers weren’t budging on price–last month–a Redfin agent says owners taking on thousands of dollars in post-inspection work is becoming more common.

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In Seattle, inventory increased by double-digit percentages in Maple Leaf, Queen Anne, and Ravenna. Pickings are much slimmer in Capitol Hill, Magnolia, and Greenwood. Seattle’s median home price ($450,000) was down negligibly from May, 1.4 percent, and showed no change from June 2009, at $334 per sq. ft. That varies appreciably in-city: Queen Anne is $445 per sq. ft. and Beacon Hill is $248 per sq. ft.

Perhaps not coincidentally, the slight drop in Seattle’s median was the result of increased sales volume in areas like West Seattle, where the median dropped about eight percent.

If it’s condos you’re looking for, Redfin shows almost 3,000 units for sale in Seattle; the lowest median list price is in Rainier Valley, at $133,000. For contrast, the median around Pike Place is $650,000. The median list for Capitol Hill condos is down almost 15 percent from June 2009.