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Posts tagged: Washington Center for Real Estate Research

Tax credit boosted home sales

Second-quarter home sales in Washington jumnped almost 28 percent over 2009 levels as buyers rushed to take advantage of an expiring $8,000 federal income tax credit.

But a report released today by the Washington State Real Estate Research Center  also showed median prices fell 6.9 percent compared with the 2009 quarter, to $246,800.

Spokane County home sales increased 23 percent, with the median price slipping 3.7 percent to $171,400.

The center’s results mirrored those of two other reports released this week, one by the Spokane Association of Realtors, the other by on-line service Zillow.

State home prices off 3 percent

Home prices in Washington slipped three percent in the first quarter compared with 2009, helping affordability remain at the highest levels in more than a decade.

The Washington Center for Real Estate Research also found median prices in Spokane County were off 5.6 percent, to $170,200, but the number of sales jumped 27 percent from depressed 2009 levels.

The median for all of Washington was $245,900.

Locally and statewide, sales volume trailed off slightly compared with the fourth quarter of 2009.

Center Director Glenn Crellin said the impact of the income tax credit was difficult to gauge, but the activity was slower during the extension that ended April 30 than it was before the first deadline expired Nov. 30.

Affordability, measured using prices, interest rates and incomes, edged down from fourth-quarter 2009, but remained at the best levels since at least the late 1990s.

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