Advertising

The Seattle Times Company

NWjobs | NWautos | NWhomes | NWsource | Free Classifieds | seattletimes.com

The Seattle Times

Local News


Our network sites seattletimes.com | Advanced

Originally published Tuesday, November 18, 2008 at 6:05 PM

E-mail article     Print view

Wash. housing prices drop in 3rd Qtr

Home sales prices in Washington dropped 10.4 percent in the third quarter from the same period last year in the sharpest decline since the Washington Center for Real Estate Research at Washington State University began keeping statistics in 1994.

Associated Press Writer

SPOKANE, Wash. —

Home sales prices in Washington dropped 10.4 percent in the third quarter from the same period last year in the sharpest decline since the Washington Center for Real Estate Research at Washington State University began keeping statistics in 1994.

The number of homes sold in the third quarter also was down - 26 percent - from the same period last year. It was at its lowest level since 1996.

The median home sales price in Washington during the third quarter was $281,500, the fourth consecutive quarter of decline.

The median price is the point at which half the homes in question sold for more and half sold for less.

The current median price is roughly the same as the median reported in early 2006.

Median prices ranged from $110,000 in Adams County to $559,000 in San Juan County. Among urban markets the range was $156,400 in Yakima County to $427,000 in King County.

Eight Washington counties reported higher median prices than a year ago, but that is not necessarily good news for sellers because buyers are likely getting more house for the money, said Glenn Crellin, research center director.

The number of homes on the market would seem to indicate that prices will continue to drop, Crellin said.

An inventory of five to seven months worth of homes on the market is considered balanced, with prices increasing on a par with the overall inflation rate. The statewide supply at the end of September was 10.2 months, suggesting prices will decline, Crellin said.

In most markets the supply was highest for the most expensive homes, suggesting prices will stabilize for entry-level homes before the luxury market, he said.

Copyright © 2008 The Seattle Times Company

More Local News headlines...

E-mail article Print view      Share:    Digg     Newsvine

advertising

Arson suspect has long history of setting fires

Band of advocates, activists now McGinn's likely insiders

Light rail to airport to begin Dec. 19

Kirkland annex 'yes' could be slipping away

UPDATE - 03:57 PM
Kent man challenges Seattle Mayor Greg Nickels' gun ban

Advertising

Video

Opening day at Crystal Mountain
Skiers crowded the slopes at Crystal Mountain for one of the resort's earliest openings.

Video shows violent arrest by SPD
Fort Lewis Memorial
Highlights: Ken Auletta talks about "Googled"
Seattle International Cabaret Festival
Ken Auletta talks about "Googled"
Medal of Honor
Pelosi answers questions at Swedish Medical Center
Pelosi speaks at Swedish Medical Center
"Pistol" Pete Ryan

Follow seattletimes.com on Twitter

Get the top stories on-the-go by following seattletimes.com on Twitter. We'll tweet the news and information you need around the clock and keep you up-to-date no matter where you are. Go to www.twitter.com/seattletimes to sign up now.

Marketplace

nwautos

2009's most fuel-efficient sedansnew
Choosing a new sedan? Weigh the impact of your choice on your wallet and on the planet.
Post a comment

Open Houses

Find this weekend's open house listings.
Or search by location:

 
Most read
Most commented
Most e-mailed
 
 
Advertising