“The median sales price of a Thurston County home fell to the lowest point of the year in November, down 6.23 percent since January 2009 and down 8.87 percent since November 2008, according to Northwest Multiple Listing Service data released Thursday [Dec. 3].
The median price last month was $225,000, down from $246,900 in November 2008, the combined single-family residence and condominium data show. Since January, median prices have fallen from $239,950 to $225,000, the data show.
Lower prices recently have helped to stimulate home sales in the South Sound housing market, but that downward pressure on home prices also has provided an added challenge for home sellers.
Home sales last month rose to 277 units from 177 units in November 2008, while fewer homes were listed for sale last month than a year ago, the combined single-family residence and condominium data show. In November, 328 homes were newly listed for sale, compared with 337 in November 2008.
Although mortgage interest rates remain low and tax-credit homebuyer incentives recently were extended, South Sound real-estate professionals say they arent sure when home prices will rise again.
Real-estate agent Mark Kitabayashi thinks there wont be price appreciation until the foreclosure problem bottoms out, and another wave of foreclosures could be on the way, he said. Thurston County Realtors Association president Mark Steves agreed Thursday, saying another batch of adjustable-rate mortgages, in which mortgage interest rates adjust higher, could come in 2010 or 2011.
‘Its going to take a while,’ Steves said about a return to price appreciation.
Real-estate agent Bob Jorgenson added that with so many existing undeveloped home lots in the county, prices will be lowered to sell those lots, followed by new houses on those lots at lower prices,” quoting The Olympian.
MORE FORECLOSURES & DOWNWARD HOME PRICES ARE TWO ASPECTS I HAVE MENTIONED PREVIOUSLY THAT WILL AFFECT YELM’S BUDGET IN 2010!