Washington home sales surge but prices decline

Washington home sales surge but prices decline

Sales of existing homes rose in the third quarter in Washington, and housing affordability surged as median prices dropped 9.5 percent from a year ago, according to the Washington Center for Real Estate Research at Washington State University.

The center reported this week that home sales rose 21.7 percent in the third quarter, compared to the same period one year ago, when sales were artificially depressed by the end of the federal home purchase tax credit.

But the statewide median sale price of $225,300 in the third quarter was 9.5 percent below the median price a year ago. This is the biggest median price decline since a 13.7 percent drop in the first quarter of 2009, the center said.

Read More on KOMOnews.com…