Printer Friendly

PSMLA: REAL ESTATE SALES SURGE AS INTEREST RATES DROP

 KIRKLAND, Wash., July 12 /PRNewswire/ -- More than 3,900 homes sold last month as interest rates fell to their lowest levels since 1971. The volume of pending sales (3,918) was up 94 percent from figures reported last June (2,015) and an increase of nearly 12 percent (412 units) from the previous month, according to the Puget Sound Multiple Listing Association (PSMLA).
 Jack Johnson, president of the reality group, said a comparison of June's transactions with the same period a year ago shows sales gains in all but one of the 42 geographic areas used to track PSMLA activity in King, Snohomish and the northern portion of Pierce counties. The only decline occurred in a small area in north-central Pierce County.
 For the first six months of this year, 19,282 pending sales have been reported, an increase of 27 percent compared to mid-year figures from 1992. In addition to low interest rates, Johnson credits special financing programs for first-time buyers with spurring activity.
 Closings continue to lag behind volumes of a year ago as lenders try to keep pace with the demand for new loans and refinancings. A total of 4,047 sales were completed in June, up sharply from May's figure of 2,416, and about equal to the same number a year ago, when 4,050 sales closed.
 So far in 1993, a total of 15,338 closings have been recorded, which compares to 1992's year-to-date total of 16,392.
 Sales prices are holding steady, according to PSMLA data. The average price for homes that sold during June in the three-county area was $170,274, up about $3,000 (1.8 percent) from the average of a year ago. Homes in King County continue to be the most expensive, averaging $177,119. The Snohomish County average is reported to be $154,468, about $5,100 more than last year.
 In the northern part of Pierce County (the only segment included in PSMLA figures), the average is $145,054, up nearly 12 percent ($15,396) from the previous year.
 Listing activity also improved during June, according to Johnson. A total of 5,900 new listings were reported by PSMLA members, the second- highest monthly total this year. Currently, 15,341 residential properties are listed for sale at an average asking price of $229,412. The median price is $169,950, meaning half the homes are listed for more and half are listed for less than that asking price.
 More than 7,000, or about 45 percent, of current listings are priced under $160,000, Johnson noteed. About one-fourth of the offerings are listed for $250,000 and up, with the balance in the $160,000 - $250,000 range.
 Of PSMLA's 15,000-plus active listings, about two thirds (10,705) are located in King County. Snohomish County accounts for more than 3,700, with the remaining 900-plus situated in North Pierce County.
 PSMLA, headquartered in Kirkland, is an independent, nonprofit organization whose members include around 500 real estate companies with approximately 9,500 sales associates.
 -0- 7/12/93
 /CONTACT: Jack Johnson, president, of PSMLA, 206-820-9200, or Cheri Brennan, of Alliance Communications, 206-869-5839, for PSMLA/


CO: Puget Sound Multiple Listing Association ST: Washington IN: SU:

JH-SB -- SE006 -- 0660 07/12/93 19:09 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 12, 1993
Words:546
Previous Article:UNITED HEALTHCARE'S PRESCRIPTION DRUG MANAGEMENT COMPANY AND HEALTHCARE COMPARE ENTER JOINT MARKETING AGREEMENT
Next Article:BOEING DELIVERS 2,500TH 737 AIRLINER
Topics:


Related Articles
PUGET SOUND MULTIPLE LISTING ASSOCIATION: LOCAL HOME SALES UP 68 PERCENT OVER LAST YEAR
REAL ESTATE SALES RELATIVELY STRONG,WHILE INVENTORY REACHES NINE-MONTH LOW, PSMLA SAYS
PUGET SOUND MULTIPLE LISTING ASSOCIATION: REALTY GROUP'S REVISED REPORT REVEALS STRONGER DECEMBER HOME SALES
PUGET SOUND MULTIPLE LISTING ASSOCIATION: HOME SALES DURING APRIL SIGNAL STRONG MARKET
PUGET SOUND MULTIPLE LISTING ASSOCIATION: LOCAL REALTY OFFICES REPORT 'UNSEASONABLY STRONG' SALES
PUGET SOUND MULTIPLE LISTING ASSOCIATION: BUYERS NO LONGER HIBERNATING OR PROCRASTINATING, PROMPTING STRONG SALES FOR LOCAL REALTY OFFICES
PUGET SOUND MULTIPLE LISTING ASSOCIATION: REALTY OFFICES REPORT BOOMING HOME SALES AS BUYERS REACT TO RISING INTEREST RATES
PUGET SOUND MULTIPLE LISTING ASSOCIATION: REALTY MARKET REMAINS 'SOLID,' DURING APRIL AS BROKERS REPORT STRONG SALES, LISTING ACTIVITY
AREA HOME SALES SLIP DURING OCTOBER DESPITE BIG SELECTION FROM SELLERS AND LENDERS
REAL ESTATE BROKERS PREDICT STRONG GROWTH DESPITE SLOWDOWN FROM HOLIDAYS, INTEREST RATES

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters