King County home sales up, prices down in May

Puget Sound Business Journal

Date: Monday, June 6, 2011, 1:27pm PDT

The number of pending home sales in King County rose to 3,113 last month from 2,169 a year earlier and from 2,987 a month earlier.

The number of pending home sales in King County rose to 3,113 last month from 2,169 a year earlier and from 2,987 a month earlier.

The average sale price of a King County home last month fell to $387,566 from $422,978 a year earlier and from $410,289 a month earlier, according to the latest figures compiled by the Northwest Multiple Listing Service (NWMLS), which surveys housing sales activity in more than 20 Western Washington counties.

The median sale price (half sold for more and half for less) also fell in King County last month, dropping to $316,750 from $346,000 a year ago and from $324,500 a month ago.

NWMLS brokers said the drop in home prices was caused by a “fairly high ratio of foreclosed homes and short sales that are being sold at deep discounts.”

“Low interest rates, low down payment requirements, and lower adjusted prices are attracting buyers into the market,” said J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, in a statement.

Read more: King County home sales up, prices down in May | Puget Sound Business Journal

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