Sunday, July 8, 2007

Housing Prices Around Washington State Rising at More Modest Rates

KIRKLAND , Wash. ( July 5, 2007) – With inventory at an all-time high in the Northwest Multiple Listing Service system, buyers are becoming more selective and sellers are receiving fewer multiple offers, according to MLS officials. Condominiums remain a bright spot, they noted.
Mid-year figures show the volume of pending sales of single family homes and condominiums (combined) is down about 7.3 percent from a year ago, while prices climbed 9 percent. Through June, members have reported 43,543 closed sales, off 3,430 units from the year ago total of 46,973. The median price for completed sales area-wide (through six months of 2007) is $326,000, up $27,000 (9 percent) from this time last year.
For single family homes (excluding condominiums), the year-to-date median sales price is $345,000. That’s a 10.2 percent increase from a year ago, but the trend is pointing toward single-digit increases, except perhaps for condominiums.
June marked the third straight month of single-digit gains in sales prices overall, although several counties are still reporting double-digit jumps. Read more and the figures...