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Real Estate Trends

County	Home Resale Units	Home Resale %Change	Builind Permit Number	Builind Permit %Change	Median Price	Price % Change	Affordability Index
Yakima	4,230	-7.4	81	24.6	$160,000	15.0	116.6
King	29,260	-18.0	4,483	-13.2	472,000	9.1	64.7
Spokan	9,260	-14.7	524	-30.1	207,400	8.2	107.7
Kitsap	3,820	-21.4	268	-13.0	300,000	5.8	88.9
Thurston	5,200	-17.3	467	-24.2	270,000	5.0	98.1
Statewide	114,750	-11.4	10,586	-17.3	314,000	4.4	81.8
Benton	3,890	5.1	136	-24.9	172,400	3.6	154.6
Franklin	800	5.3	126	-41.1	172,400	3.6	115.6
Snohomish	10,420	-26.9	1,217	-6.5	370,000	3.6	76.8
Pierce	12,070	-32.2	1,089	-29.1	288,700	3.3	89.8
Clark	6,580	-17.2	612	-21.1	278,700	1.2	92.9
Whatcom	2,950	-1.7	224	-27.7	290,000	0.9	81.8
Skagit	2,500	-4.2	158	3.9	272,000	0.7	86.7

The housing market has slowed. Statewide home sales fell 5 percent from the previous quarter and are down 11.4 percent since last year. Among the larger population centers, only in the Tri-Cities did sales volume increase. Both Benton and Franklin counties reported sales up more than 5 percent.

However, median home prices keep climbing, up to $314,000 statewide, an increase of 4.4 percent over the year previous - a sharp decline from the double-digit growth we saw from 2004-'06.

What's that mean? It suggests that while the high end of the urban market remains intact, below-median home sales are tapering off. In fact, first-time buyers have been priced out, the data shows. Less than half of them statewide can afford a home. In King County, it's barely a third.

SOURCE: WASHINGTON CENTER FOR REAL ESTATE RESEARCH / WASHINGTON STATE UNIVERSITY

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