Median Prices and Inventory of Unsold Homes Rise in Western Washington

Prices for homes in Western Washington continued to rise, but the number of pending home sales slid last month. Inclement weather may largley be to blame for the latter issue.

The number of pending home sales in the King County housing market dropped more than 11 percent last month compared with November a year earlier, according to the Northwest Multiple Listing Service.

Meanwhile, more homes are on the market. In King County, the number of active listings last month jumped by more than 32 percent compared with November 2005 active listings. The number of active listings rose more than 35 percent in the 19 counties. Therefore, those seeking a Washington mortgage at least have many property options.

Median home prices continued to rise, jumping to $397,500 last month in King County, up from $350,000 in November 2005. High home prices in Washington continue to be a problem, as lower-to-middle-income workers cannot afford residences.

New real estate agents or mortgage brokers who haven’t experienced a slower cycle are experiencing anxiety, according to the NWMLS.

“Their perception is ‘the sky is falling’ because their listings don’t sell in two weeks or they haven’t received multiple offers. The reality is we have entered a more normal, balanced real estate market,” said Dick Beeson, NWMLS director and Windermere Real Estate broker.