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News from NW Multiple Listing Service FOR IMMEDIATE RELEASE: July 7, 2003 Home Sales in Western Washington Rise Sharply From Year Ago KIRKLAND, Wash. (July 7, 2003) -- Despite last month's news of Washington experiencing its lowest rate of population growth in 20 years and claiming a share of the nation's second-worst jobless rate, home sales continued to sizzle during June. Sellers in western Washington accepted offers from 8,685 buyers last month for a 40.7 percent jump in pending sales compared to the same month a year ago, according to the latest figures from Northwest Multiple Listing Service. All 14 counties in the MLS service area notched double-digit increases in the volume of pending sales (offers made and accepted but not yet closed). The number of sales, which includes single family homes and condominiums, outgained the total from 12 months ago by 2,510 units, when brokers reported 6,175 pending sales. Interest rates continue to fuel sales, even though rates for both 30-year and 15-year mortgages edged up in the past few weeks. According to Freddie Mac, the average rate on a 30-year fixed-rate mortgage for the week ending July 3 was 5.40 percent. Although slightly higher than three weeks ago, when the rate was 5.24 percent -- believed to be the lowest level since 1971 when Freddie Mac began tracking benchmark rates -- last week's rate was more than a full percentage point lower than the year-ago average of 6.57 percent. On a $300,000 loan, the difference in last year's 30-year interest rate versus last week's rate of 5.40 amounts to a savings in monthly payments of about $225 per month, according to online mortgage calculators. Closed Sales Jump 23.5% Four counties had double-digit gains in median prices compared to 12 months ago, led by Grant County where the median price jumped 21.6 percent. Other counties with double-digit increases in median prices were Snohomish (up 15.1 percent), Cowlitz (up 11 percent) and Thurston (up 10.6 percent). Inventory Shrinking in Many Areas At month end, brokers represented 30,393 active listings in the MLS market area, about 4.5 percent more than twelve months ago when inventory totaled 29,075 properties. Despite the overall gain, ten counties reported having fewer active listings at the end of June than a year ago. Nearly 37 percent of the current inventory is priced under $200,000. About half (49.1 percent) is priced between $200,000 and $500,000, with the remaining 14 percent listed at prices of more than $500,000. Midyear Sales Outpacing Year-Ago by Wide Margins Closed sales are running 5,431 units (16.5 percent) ahead of a year ago. Through June, MLS brokers have completed 38,353 transactions, which compares to a total of 32,922 closings at midyear 2002. Prices for this year's sales area-wide are up 7.5 percent. The median price for sales of single family homes and condominiums through June was $214,950, which compares to the year-ago median price of $200,000. San Juan County claims the highest year-to-date prices among the 14 counties in the MLS market area, followed by King County. The median price for this year's sales in San Juan County is $285,000, up $10,000 (3.6 percent) from a year ago. For King County, the median price for sales through this year's first six months is $263,975, which is about 5.2 percent higher than a year ago, when the mid-year figure was $251,000. On average, it is taking about a week longer for sales to close this year compared to 2002. The average time on market this year is 67 days, which compares to a total of 62 days for sales that closed during the half of 2002. For June's closings, the average time on market was 66 days; a year ago, the average was 59 days. Statistical Summary by Counties:
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