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KIRO Radio's Tom Kelly digs deep into the Puget Sound real estate market

Real Estate

Puget Sound home prices lead state upswing

Three counties reported double-digit price gains on sales of single family homes and condominiums: Kittitas (up 17 percent); Snohomish (up 14.4 percent) and King (up 10.1 percent). (AP photo)

Home prices continue to rise throughout the state, especially in the Puget Sound region.

According to figures provided by the Northwest Multiple Listing Service, whose membership includes more than 21,000 real estate brokers in 21 counties, the median price for a closed sale in June was $279,950, about 9.8 percent higher than the year-ago figure of $255,000.

Three counties reported double-digit price gains on sales of single family homes and condominiums: Kittitas (up 17 percent); Snohomish (up 14.4 percent) and King (up 10.1 percent).

In King County, the median sales price on last month's closed sales of single family homes (excluding condos) was $427,500, up 12.5 percent from June 2012 when the selling price was $380,000.

"We desperately need more properties to sell to satisfy the current demand," said Mike Gain, president and CEO of Prudential Northwest Realty Associates. Despite shortages, Gain said "on-the-fence" buyers are jumping into the market now to lock into today's low interest rates at today's prices before they rise further," which is expected.

For the first six months of 2013, the year-to-date number of completed NWMLS transactions totaled 35,115, surpassing the figure of 29,777 for mid-year 2012. That equals a 17.9 percent year-over-year increase.

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