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Median price of homes up $40,000

The Mirror

The median price of homes being sold in King County has increased by more than $40,000 in a year’s time.

Last month, the overall median (half the prices above, half below) was $365,000. In March 2005, the figure was $324,950.

For conventional single-family homes only (excluding condominiums), the median price for sales that closed last month was $405,000.

The numbers were part of the latest monthly report on residential real estate markets by Northwest Multiple Listing Service (NMLS), an industry organization.

Throughout the 17 counties tracked by NMLS, prices were about 13.7 percent higher last month than a year ago, with 10 counties reporting increases of 20 percent or more. Systemwide, the combined selling price of conventional homes and condos was at a median of $292,000, eclipsing the year-ago figure of $256,783.

Despite an increase in the number of homes for sale, “there hasn’t been a reduction on selling prices,” said Dick Beeson, NMLS director and a broker for Windermere Real Estate in Pierce County.

The median sales price in Pierce County last month was $260,300, almost $145,000 lower than the corresponding mark in King County.

Beeson predicted high numbers of people moving to the Puget Sound region will keep demand and prices on the rise, “so long as (financing) rates stay under 7 percent.”

NMLS, quoting HSH Associates, a mortgage information publisher, reported rates on 30-year mortgages are averaging 6.5 percent, up from the month-ago average of 6.3 percent.

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