Home prices are up in both King and Snohomish counties as a result of strong jobs, low inventory, and low mortgage rates, reports The Seattle Times.
The median price of houses sold in King County for the month of February went up to $365,000, which is 18 percent higher than the same time in 2012. According to the Northwest Multiple Listing Service, there were 2,947 homes listed for sale in King County last month. Last year, there were 5,178 available. The median price of condominiums also rose to $210,000 in February, about 31 percent higher than a year ago.
Home prices were up in Snohomish County as well, where the median price was $282,617 for houses sold in February, up from $258,500 in January and $238,750 a year ago. The median price for condos sold was $159,000, up from $132,000 in February 2012.
Overall, Washington state ranks 14th in the nation for housing price gains (at 8.4 percent), according to the Puget Sound Business Journal. Not surprisingly, Arizona and Nevada showed the biggest increases with 20.1 percent and 17.4 percent, respectively, according to CoreLogic. Home prices nationally rose 9.7 percent in January 2013 from January 2012.
“With these gains, the housing market is poised to enter the spring selling season on sound footing,” said CoreLogic chief economist Mark Fleming. While low interest rates make buying a financially viable option for some households, the demand for housing creates a positive position for sellers who are ready to showcase their properties.