Washington housing recovery strengthened in fourth quarter 2012

Washington state's housing market continued to improve during the fourth quarter of 2012 as the number of homes sold and median prices increased while affordability also improved statewide, according to the Runstad Center for Real Estate Studies at the University of Washington. Existing home sales during the quarter increased 3.5 percent from the third quarter and 12 percent from a year ago, reaching a seasonally adjusted annual sale rate of 103,230 homes. That is the highest sales rate since the third quarter of 2007. "Washington's housing market is clearly recovering,” said Glenn Crellin, associate director of the center. "Sales throughout 2012 totaled 98,130 units, well above any of the last four years, but still well below the pre-recession frenzy. Further evidence of the sales improvement and increasing shortage of listings, Crellin said, is apparent in the 11.8 percent increase in median home price statewide from the same time in 2011, to $242,500. While the median price was marginally below the third quarter, the dip is entirely seasonal.