Local home prices keep rising, but at slower pace

Local home prices continued rising in August, but at a slower pace, the Northwest Multiple Listing Service reported today.

The Puget Sound region overall saw a 5 percent increase in selling prices from last year.

Single-family home prices in Seattle broke the half-million mark, rising about 10 percent to a median $501,000, up from $455,000 in August 2006. Seattle condos sold for a median price of $327,500, a 5.7 percent increase from last August's $309,950.

King County single-family homes sold for a median price of $477,345 in August, 9.7 percent higher than the $435,000 reported last August. Meanwhile, median condo prices in King County rose 5.8 percent to $285,000, from $269,500 a year ago.

The median selling price for single-family homes in Pierce County rose 6 percent to $291,500 from $275,000 last year. Condos in Pierce County sold for a median price of $219,900, up 7.3 percent compared with $205,000 last August.

Kitsap County had a 5 percent increase in single-family home prices from last August, to $299,500 from $285,000. Kitsap saw a sizable increase in condo prices, with the median price at $340,000 this August, up from $210,500 last year. But the sample size of condos sold is relatively small; about 65 condos were sold in Kitsap County this August, up from 38 last year.

Snohomish County saw a 4.5 percent increase in prices for single-family homes to $375,000 this August, rising from $358,875 the same month in 2006. Snohomish condos had a median price of $242,639, up 12.9 percent from $214,900 last August.

Bibeka Shrestha: 206-515-5632 or bshrestha@seattletimes.com