March home sales, prices continue to decline compared with a year ago in King County

The typical single-family home sold in King County in March for 17 percent less than in March 2008 — the steepest year-over-year drop yet, according to statistics released today by the Northwest Multiple Listing Service.

The median price of a house that sold last month was $363,850, compared with $439,900 a year ago.

But real-estate industry leaders pointed to an increase in the number of pending sales — sales for which an offer has been accepted, but that haven't yet closed — as evidence the market is starting to rebound.

Pending sales of King County houses and condos increased from 1,611 in February to 2,058 in March, a 28 percent jump. Sales activity almost always increases as winter ends, but last year the increase between February and March was just 10 percent.

The number of pending sales of houses and condos in March still was down 11 percent from March 2008. But for single-family homes the decline was just 1.6 percent.

"As expected, the numbers reflected in the March report continue to show year-over-year declines. However, these historical comparisons fail to tell the story of the real-time market, which is beginning to show true signs of improvement in many areas," Ron Sparks, managing vice president of Coldwell Banker Bain, said in a prepared statement.

The median price of a King County condo that sold in March was 13 percent lower than in March 2008, dropping from $294,000 to $255,567.

The broker-owned listing service said the March report for homes and condos included a number of foreclosed homes and short sales, dragging down prices overall.

The number of houses and condos that closed in March was down 38 percent from March 2008, but up 44 percent from February's totals.