Washington housing market softens in 4th quarter, still better than 2012
Feb 12, 2014, 11:50 AM | Updated: Oct 10, 2024, 2:06 pm
Homes were significantly less affordable in Washington at the end of 2013, compared to a year earlier.
That’s one finding from a new report on home prices from the Runstad Center for Real Estate at the University of Washington.
King County was the least affordable market in the state. The main issue with affordability remains a shortage of listings, according to Glenn Crellin at the Runstad Center.
Increased prices and higher interest rates made it harder for first-time buyers to get a home.
The 4th quarter survey found that home sales were higher in all but four of Washington’s 39 counties.
The median home price in King County was $421,000 at the end of last year. The statewide median home sales price during the fourth quarter was six percent above a year ago. The report found that price increases were particularly strong in the Seattle area.
