Yellow Pages
By NICHOLAS K. GERANIOS
Associated Press Writer
SPOKANE (AP) — Sales of existing homes in Washington fell in the second quarter, and so did the prices people were paying, the Washington Center for Real Estate Research reported Wednesday.
The number of existing homes sold fell 15.6 percent in the April-June period compared with the same period of 2008.
The center, based at Washington State University in Pullman, reported that the median sale price of a home in the state was $265,100 in the second quarter. That was down 9.2 percent from the same period last year, and the lowest second-quarter price since 2005.
One spot of good news was that home sales rose 11.6 percent in the second quarter compared with the first three months of the year. This was the first quarter-to-quarter improvement in home sales in more than two years.
“While sales improved compared to the first months of the year, it is necessary to look to price levels from a year ago to assess whether stabilization is under way,” said Glenn Crellin, director of the center.
Median prices fell in every county in the state except for Yakima (up 3.6 percent), Grant (1.1 percent), Benton (0.2 percent) and Franklin (0.2 percent), all located in central Washington and with home prices much cheaper than the median. The median means half the houses sold for more and half for less.
Crellin attributed the higher second-quarter sales in part to the federal government’s $8,000 tax credit for first-time buyers, which is scheduled to expire in November.
The sharpest price decline from a year earlier was in San Juan County, where prices fell 38 percent to $350,000. That allowed King County, the state’s largest, to reclaim the distinction of most expensive housing for the first time since 2004. The median price there was $387,000, down 13.9 percent from the year before.
There were just over 50,000 homes listed for sale with multiple listing services at the end of June, 6.5 percent fewer than a year ago. That represents enough inventory for 10.6 months, suggesting the housing market is still oversupplied, especially for higher-cost properties, and further price adjustments should be expected, the center said.
Lower prices and interest rates would ordinarily have produced improving affordability, but the recession has resulted in lower incomes, keeping affordability virtually unchanged, the center said.
“For families secure in their job prospects with good credit, there are bargains available,” Crellin said.
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