The number of existing homes sold in Washington increased in the third quarter compared with the previous three months.
According to the Washington Center for Real Estate Research at Washington State University, the federal first-time homebuyer tax credit helped sales increase 15.6 percent. Sales also were 2.6 percent higher than a year ago.
It was the first year-to-year improvement in sales since the fourth quarter of 2005.
But the median home price during the July-September period was $260,000, which was 7.6 percent less than a year ago.
Officials say the median price was also held lower because the most active segment of the market was first-time buyers seeking the most affordable homes.
A special study by the center found that about half the home sales in the state during the April-June quarter were to buyers claiming the tax credit. The center adds that last week’s decision to extend the federal program should help the housing recovery.
Median prices ranged from a high of $515,000 in San Juan County to a low of $125,000 in Adams County.
There were just more than 49,000 homes listed for sale with multiple listing services at the end of September, 14.3 percent fewer than a year ago. That was the smallest September inventory since 2006. While median prices declined, mortgage interest rates increased during the quarter, leaving affordability basically unchanged.
The housing affordability index statewide stood at 122.8, meaning the median income family had 22.8 percent more income than the minimum required to qualify to purchase a median price home with a 20 percent down payment and a 30-year mortgage. (AP)
