Washington Home Prices

OLYMPIA - Home prices continue to rise in Washington despite the news elsewhere of increased inventories, a slowing market and falling prices, according to the Washington Association of REALTORS®. Record-high prices will continue to rise here, experts say, putting homes further out of reach for many middle-income families.

"Our state population is growing but the supply of middle-income homes isn't keeping up," said Steve Francks, Washington Realtors Chief Executive Officer. "The fact is we don't have enough homes that are affordable for middle class families— and they represent the majority of would-be homeowners."

The Northwest Multiple Listing Service (NWMLS) reports that home prices in the region were 9.8 percent higher last month than the same time last year. The NWMLS, which published its October report yesterday, serves 19 counties in Washington. The price increase occurred even though the number of home sales has dipped over the same period and home inventory has increased 48 percent. In King County the price of a single family home rose 12.8 percent from a year ago to $440,000. Condominium prices rose more than 20.8 percent, climbing to a median price of $259,700. 

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The major factor which determines the capital appreciation and rental income of property are the migration trends seen in the population in a specific area. Let's take a look at the three migration trends that highly influence rising home prices.

Interstate Migration
Interstate migration is an important phenomenon that affects real estate prices. When a large group of people migrate from one state to another on account of the establishment of a large scale business enterprise in a particular area, the property prices in that specific area shoots up. Real estate investment would prove to be highly profitable in states where new industrial establishments are coming up, or in those areas where the Government is planning to undertake industrial ventures. This will help make a proper assessment of the price of the real estate properties in the specific area.  The investor should do a comprehensive research and analysis of the migration data before planning to make your real estate investment...[more]

The term business cycle is used in economics to designate changes in the economy.  It is used to describe the ups and downs in general business activity that recurs over time.  The home buying cycle applies.  If one expects to find a simple, regular pattern of these ups and downs, he will be disappointed.  Economists cannot predict with any great degree of accuracy just when an upturn or a downturn will occur, but a study of such cycles does show that business activity tends to follow some kind of wavelike pattern and is not merely an assortment of random moves.

Phases of the Business Cycle

The prosperity phase refers to the peak - the highest level of the cycle.  It is characterized by the full employment of the economy's resources.  Economy is at its peak.  Wages increase, overtime work is offered.  People feel secure about their future.  They can afford to buy expensive jewelries, cars and homes.  But when prices get too high, buyers (home buying) will resist it and demand will decrease.  When this happens, profit will drop, consumers will cut production, and workers will be laid off.  People will keep and save their money, afraid to invest it in Richland Wa Real Estate.  The recession real estate phase has set in. This is a period of declining demand and business activity.  Bank loans go down, prices increase less quickly or may even fall.  Prices will decline, too.  Consumers will hold off their intended expansion, investment falls sharply.  The depression phase starts - the lowest level of the cycle.  Factories will be forced to close and unemployment rate will be high.  Less people will buy homes (home buying).  Others who already own homes are not able to make their mortgage payment.  Others decide to sell.  But due to several factors like government action or the rising again of demand, there will be an upturn in the economy.  Slowly, but surely, recovery starts.  It gives way to the expansion phase, a period of increasing demand business activity...[more]

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