Comparing Issaquah, Sammamish & Redmond Real Estate on a National Level
The Washington housing market saw home prices climb despite falling sales totals in 2014’s third quarter.
The statewide median price for a single family home rose to $277,100, a 5.2 percent increase compared to the third quarter of 2013, according to the Runstad Center for Real Estate Studies at the University of Washington.
However, compared to this time last year sales dropped 2.6 percent, despite increasing 11.2 percent from this year’s second quarter.
“It is said that a rising tide lifts all boats, which in the third quarter of 2014 was true in all but one of the state’s metropolitan counties,” The Runstad Center’s Stephen O’Connor said. King County continued to register as the most expensive metropolitan county to buy a home.
The first-time buyer index also continued to drop, with most first-time buyers having only 80.4 percent of the income needed to buy an average starter home. King County is currently the worst county to buy a starter home for first time buyers, with average buyers having little more than half of the required income for an average starter home.
King County also registered the highest median resale price on homes at $462,100, a 5.5 percent increase from 2013. This barely beats out San Juan County ($454,200), but is far above the state average of $277,100.
The Runstad Center, a part of the University of Washington’s College of Built Environments, compiles and produces statistical information on the Washington real estate market in partnership with Washington realtors. For more information, visit realestate.washington.edu.
Read the complete article on the Issaquah Reporter.