Home Sales In Washington State Rise In 3rd Quarter

NICHOLAS K. GERANIOS

SPOKANE, Wash. (AP) — The number of existing homes sold in Washington state increased in the third quarter compared with the previous three months, the Washington Center for Real Estate Research reported Tuesday.

The federal first-time homebuyer tax credit helped sales increase 15.6 percent, according to the center at Washington State University. Sales also were 2.6 percent higher than a year ago, the center said.

It was the first year-to-year improvement in sales since the fourth quarter of 2005.

But the median home price during the July-September period was $260,000, which was 7.6 percent less than a year ago.

"It must be noted that this represents a continued slowing in the rate of decline in prices," said center director Glenn Crellin.

The median price was also held lower because the most active segment of the market was first-time buyers seeking the most affordable homes, he said.

A special study by the center found that about half the home sales in the state during the April-June quarter were to buyers claiming the tax credit, Crellin said. Last week's decision to extend the federal program should help the housing recovery, he said.