Home prices up, supply down in second quarter of 2017

Washington state's housing market showed the continuing effects of high demand in the second quarter of 2017, according to the Washington Center for Real Estate Research at the University of Washington. The statewide median sales price rose to $337,700 in the second quarter, 6.6 percent higher than the same time period last year. This represents an all-time high for statewide house prices and the highest median price ever recorded in Washington state. Similarly, the seasonally adjusted annual rate of existing home sales rose 11.6 percent from the second quarter of 2016 to 113,030 homes. That represents the number of homes that would be sold if the quarter's pace continued unchanged for a year. The low supply of existing homes listed for sale is likely a leading factor promoting rapid house price growth throughout the state. Breaking down trends by region reveals a high level of variance in house prices throughout the state.