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November 17, 2016
The UW's Runstad Center says that for the third quarter, the statewide median sales price for a single-family home rose to $305,000. That's 4.3 percent higher than the third quarter of last year, yet lower than the all-time high of $317,500, set in the second quarter of this year. Year over year, the rate of home sales is up 10.1 percent statewide. Peter Orser, Runstad Center's interim director, says, “Prices stayed strong, but as a result, affordability continued to be elusive for the average homebuyer. Affordability for all buyers, first time or otherwise, is most distressed in King County.” He points to a steep drop in permitting actvity: While King County sales were up 15.1 percent for the quarter, residential building permits declined by 40.6 percent. Runstad Center estimates the median King County home price is now $552,400, up 12.5 percent from last year.