New Study from UW Shows Washington State Real Estate Market is Recovering

The Seattle Times recently put out an article by Nicholas Geranios outlining real estate pricing and volume gains in Washington State. The report was prepared by the Runstad Center for Real Estate Studies. Most intriguing was the real estate market has improved for the third quarter in a row. Existing home sales rose 14.7 percent and the statewide median home prices went up 14.1 percent from the same period a year ago to $237,000. Quarter to quarter home sales also increased in 28 of Washington’s 39 counties.

Glenn Crellin is the Runstad Center’s associate director for research. The Troll found this quote in the article particularly interesting, “The biggest current impediment to the housing market remains a shortage of homes available for sale. Construction activity is improving, but builders cannot improve availability overnight. Lenders need to release properties which have been foreclosed, but are still owned by the lender to allow the market to stabilize and prevent renewed bubble conditions.”

Glenn, you are preaching to the choir.

The Troll

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