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Statewide, the first-time buyer index showed a decrease of 4.9 points, ending the quarter at 81.0. This index assumes a less expensive home, lower down payment and lower income. This means that a household earning 70 percent of the median household income, as may be true of first-time buyers, had only 81 percent of the income required to purchase a typical starter home statewide.
Though down in general, housing affordability varied widely across the state. The least affordable county continues to be San Juan, and Lincoln County the most affordable.
For first-time buyers that pattern was mirrored, with Lincoln again being the most affordable, and San Juan continuing to be the least affordable. Nearly all counties east of the Cascades were affordable to first-time home buyers (Kittitas being the exception) while five counties west of the mountains, especially in the central Puget Sound area, presented issues for first-time home buyers.
Affordability remains a challenge in the state?s housing market, the report said. This is despite continued strong permitting activity of nearly 7,755 new units, primarily in multifamily housing developments in metro areas, marking a 3.8 percent increase in the number of units under construction compared with a year ago.
The Runstad Center produces home sales statistics in partnership with Washington Realtors. Each quarterly release coincides with information from the National Association of Realtors regarding median home prices by metropolitan area.
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You have come to the right place. Let one of our experienced agents prepare a comparable market analysis for you, if you are looking to determine if now is the right time for you to sell your home we can help!!!
READY TO BUY A HOME?
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