County housing reflects national downward trend

by David Lester
Yakima Herald-Republic

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YAKIMA, Wash. -- Yakima County home prices are continuing to fall under the weight of bad nationwide economic news and tighter credit standards.

Median home resale prices in the fourth quarter of 2008 fell by almost 8 percent to $140,800 compared to the same period a year earlier, according to a report issued Thursday by the Washington State University Center for Real Estate Research.

The median represents the middle, with half the prices above and half below.

The number of home sales in Yakima County also declined by nearly 15 percent for the quarter, a figure that is much better than the statewide average of 29 percent.

The center's report, based on Multiple Listing Service data, represents the second consecutive quarter in which home resale prices have declined, said Glenn Crellin, director of WSU's Real Estate Research center.

He said local buyers are holding back as they try to digest and react to the woeful national economic news.

"There are spillover effects from the national economy and national news media to what is happening in your market," he said.

Rick Fairbrook, broker at John L. Scott Real Estate, said the center's figures on price declines track closely with the Yakima Multiple Listing Service statistics.

He agreed the national recession and tougher mortgage qualifying standards are affecting the Yakima market.

"We are seeing people pull back. It is a combination of both, but the good thing is our agricultural economy is still fairly strong. It may be buffering the effects of what is going on nationally," he said.

The resale price drop in Yakima closely tracked housing trends statewide. Among all counties in Washington, the media resale price dropped 9 percent.

Kittitas County, which has higher housing values, was hit harder. The median resale price there declined 21 percent over the same period a year ago, to $215,000.

Klickitat County is one of only eight counties in Washington that saw a median price appreciation in the fourth quarter.

According to the Real Estate Center's figures, the median resale price in Klickitat County rose by more than 13 percent to $220,000.

Douglas County in north-central Washington also saw an increase.

Headwaters -- The Source, a Selah firm that tracks all home sale prices in Yakima County, has figures indicating an increase in the average home sale price of nearly 3 percent to $168,223.

Crellin said it's not surprising Headwaters' figures would be different because it uses a broader base of data.

Crellin said when the market will turn around is difficult to estimate. But he said talk at the national level of help for mortgage holders struggling to keep their homes is a hopeful sign.

"We need to stem the tide of foreclosures to return stability," he said.

Fairbrook said even with the struggles, now is a good time to buy a home because of federal tax credits, low interest rates and lower prices.

"It's really a perfect storm for the buyer," he said.


* David Lester can be reached at 577-7674 or dlester@yakimaherald.com.



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