May 13, 201605:20 PMBlog

Scant supply drives prices up

May 13, 2016 - 05:20 PM

Analysis from Runstad Center for Real Estate Studies at UW-Seattle released late yesterday shows an 8.1 percent jump in statewide median sales price for single family homes thus far in 2016. 

Across Washington, a one-family residence sold for $289,400 in the first quarter, though that was still below the all-time high of $316,700 in second quarter of 2007.

Transactions were constrained by continuing effects of low supply of homes for sale and by a dramatic drop in new building permits compared to the first three months last year.

Home prices rose in every county across the state, except Adams and Chelan counties. Wahkiakum recorded the highest relative increase of 200 percent year-over-year, followed by San Juan County up 88.5 percent.

The Runstad Center produces home sales statistics in partnership with Washington Realtors. Each quarterly release coincides with information from the National Association of Realtors regarding median home prices by metropolitan area.

Sales, median home prices and affordability data for all Washington counties are available at the Runstad Center's website.


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