Eastern Washington Home Prices Continue To Increase Bucking National Trends

The Washington Association of REALTORS® released a press release stating Washington home prices are rising. Here is an excerpt from the press release (bold added for emphasis):

“All real estate markets are unique. We shouldn’t be surprised that Washington State is bucking national trends,” said Dennis Rose, 2007 president of the Washington Realtors. “In order to make smart home-buying decisions, now more than ever it’s important to work with a professional REALTOR® who is familiar with the local market.”

As of mid-June, sub-prime, adjustable-rate loans represented 20 percent of loans nationally, but just 6 percent of home loans in Washington. Of those mortgages, 5 percent in Washington were delinquent, compared with 8.9 percent nationwide. The largest increase in foreclosure activity was in Nevada (166 percent), while the smallest increase was in Washington State (18 percent).

According to the Center for Real Estate Research (CRER) at Washington State University, home prices in Washington have increased an average of 8.1 percent since the same time last year. During the same period, home prices increased 9.3 percent in Yakima County. Many counties have experienced price hikes much higher: Chelan 29.8 percent, Okanogan 24.5 percent; Douglas, 22.2 percent, Lewis 19.3. According to the Center, a “housing squeeze” continues to define many communities in the state, where primary concerns are “lack of space to meet demands and inability to deliver affordable housing.”

If you are considering relocation to Washington State, and specifically the Tri Cities, please consider The Lane Real Estate Team for all Tri Cities Washington Real Estate services. We are Washington REALTORS® offering professional and competent assistance to all home buyers and sellers.

Related Reading: Why Use A REALTOR® | REALTORS® Follow A Code Of Ethics

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