Seattle Sales Fall 10% in August, Says MDA DataQuick
Seattle homes sales fell more than 10% in August from July while the median price was unchanged, according to MDA DataQuick. There were 3,793 new and resale houses and condos sold in August in the Seattle-Tacoma-Bellevue metropolitan statistical area (MSA) encompassing King, Snohomish and Pierce counties. That’s a 10.1% decline from July, but sales were 4.6% higher than August 2008. It’s the second month of year-over-year sales increases, which stopped a 37-month-long run of year-over-year sales declines. The median price paid was $300,000, the same as in July, but 11.3% lower than one year ago and 17.9% lower than the region’s peak of $365,200 in June 2007. The region’s median price has fallen on year-over-year for 19 straight months. The median price per square foot was $174 in August, up from $173 in July, but down 17.7% from last year. Foreclosure resales accounted for 17.1% of all transactions, up from a 16.9% share in July and 6.7% in August 2008. Foreclosures resales in the area peaked in January at 23.9%. Adjustable rate mortgages (ARMs) accounted for 4.8% of the region’s purchase mortgages in August, up from 4.4% in July, while Federal Housing Administration (FHA) loans accounted for 37.6% of all purchase mortgages. Write to Austin Kilgore.