Improve economic vitality of businesses and individuals
Indicator 2: Increase percentage of prosperous individuals
Measure c: Median Home Price
Description:
The median home price is the middle value of sales prices such that half the homes sold were at higher prices and half the homes sold were at lesser prices. These data are compiled on a quarterly basis.
Changes in median home prices are indicative of the vibrancy of the housing market being measured. Median home prices may also provide clues as to the ability of local workers to purchase homes in the region, if the median prices advance faster than median wages or median household income.
From 2006 to 2007, the annual average median sales price of homes in Washington increased from $293,800 to $309,600, a gain of 5.4 percent. Part of the increase during this period may be related to a strong Washington economy, population growth, and easily available mortgage credit, all of which would tend to drive up home prices.
| Median Home Price in Washington State: 2000 – 2007 | ||||||||||||
| 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | |||||
| Median Price | $176,300 |
$179,900 |
$188,500 |
$203,800 |
$225,000 |
$260,900 |
$293,800 |
$309,600 |
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Source:
Washington Center for Real Estate Research, Washington State University