February 15, 2008 in City

Washington home sales, prices drop

The Spokesman-Review

Home sales and prices in Washington slipped in the last quarter of 2007, reflecting the national downturn, the Washington Center for Real Estate Research said Thursday.

Fourth quarter sales were 99,120, down 25.6 percent from sales of 133,220 homes in the same period of 2006, according to the report from the center at Washington State University. Those are seasonally adjusted annual rates.

The median home sales price in the fourth quarter was $293,900, down 2.5 percent from the final quarter of 2006.

That’s the first year-to-year decline since the center began compiling the data in 1994, Crellin said.

Even with the fourth-quarter decline, the statewide median sales price for all of 2007 was $309,600, a 5.4 percent increase over 2006, the report said.

– Associated Press

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