Local housing market warming up with the weather

By AUBREY COHEN
Seattle Post-Intelligencer Reporter
July 8, 2008

The local housing market showed some signs of warmth in June, although it still was decidedly cooler than a year earlier, according to statistics released Monday.

First, the number of home listings (houses and condos) was up 29 percent countywide and 32 percent in Seattle from a year earlier, according to the Northwest Multiple Listing Service. Those increases are smaller than year-to-year jumps of about 50 percent to well over 60 percent every month since spring 2007, and the smallest since February 2007 in the county and January 2007 in Seattle.

June's pending sales were down 32 percent in the county and 29 percent in Seattle from a year earlier, not much different than in previous years. Sales totals were the highest in both areas since last August, probably reflecting the seasonal trend of sales picking up each year with warmer, sunnier weather.

King County's total number of houses on the market in June would be enough for six months of sales at the current pace.

That's what experts generally consider a market balanced between buyers and sellers, and the lowest inventory level since last August, when lenders severely tightened mortgage standards.

King County's median house price of $449,700 in June was up 2.2 percent from May and the highest since September, but still down 4.3 percent from June 2007.

Seattle's median house price was $469,000, down 1.3 percent from May (when the price was the highest since last October) and 6 percent from a year earlier.

Median condo prices were $295,000 in King County and $320,000 in Seattle. That was up 2.5 percent from May and 5.3 percent from June 2007 in the county. In the city, it's unchanged from May and up 6.7 percent from a year earlier.