SPOKANE, Wash. — The number of existing homes sold in Washington state increased in the third quarter compared with the previous three months, the Washington Center for Real Estate Research reported Tuesday.

The federal first-time homebuyer tax credit helped sales increase 15.6 percent, according to the center at Washington State University. Sales also were 2.6 percent higher than a year ago, the center said.

It was the first year-to-year improvement in sales since the fourth quarter of 2005.

But the median home price during the July-September period was $260,000, which was 7.6 percent less than a year ago.

"It must be noted that this represents a continued slowing in the rate of decline in prices," said center director Glenn Crellin.

The median price was also held lower because the most active segment of the market was first-time buyers seeking the most affordable homes, he said.

A special study by the center found that about half the home sales in the state during the April-June quarter were to buyers claiming the tax credit, Crellin said. Last week's decision to extend the federal program should help the housing recovery, he said.

Median prices ranged from a high of $515,000 in San Juan County to a low of $125,000 in Adams County.

There were just over 49,000 homes listed for sale with multiple listing services at the end of September, 14.3 percent fewer than a year ago. This was the smallest September inventory since 2006.

While median prices declined, mortgage interest rates increased during the quarter, leaving affordability basically unchanged. The housing affordability index statewide stood at 122.8, meaning the median income family had 22.8 percent more income than the minimum required to qualify to purchase a median price home with a 20 percent down payment and a 30-year mortgage.

WCRER has produced home sales statistics in partnership with Washington Realtors since 1994.

 

HUD ANNOUNCES ALMOST $5.4 MILLION IN RECOVERY ACT GRANTS TO IMPROVE PUBLIC HOUSING FOR SENIORS, DISABLED IN PORTLAND, VANCOUVER AND KING COUNTY
$95 million awarded nationwide will fund modifications to create jobs and enable most vulnerable citizens to live independently

WASHINGTON - U.S. Department of Housing and Urban Development Secretary Shaun Donovan today competitively awarded a total of $5,397,130 in Recovery Act funds to permit the Portland, Vancouver and King County housing authorities to make improvements that address the needs of seniors and persons with disabilities.

The Vancouver authority was awarded $530,000 for a project at one of its complexes, the Portland authority was awarded $187,200 for one project and the King County authority was awarded $4,679,930 for projects at 13 of its complexes.

The $95 million in Public Housing Capital Funds awarded today are the last round of competitive funding available to public housing authorities through The American Recovery and Reinvestment Act of 2009 (Recovery Act). Including today's grants, public housing authorities across the U.S. have received nearly $4 billion in funding through the Recovery Act to modernize public housing, enhance energy efficiency and create jobs, among other activities.

These awards give 44 housing authorities funds to modify existing public housing units to make them fully accessible or to convert them to be used as space for service provision for seniors and persons with disabilities, thereby helping them to live independently. They can also use this funding to improve community facilities to make such spaces accessible and to provide additional space for supportive services targeted to these groups.

"So often it's only the little things that can make a world of a difference to the elderly or someone in a wheelchair," said Donovan. "Now housing authorities can help many maintain independent lifestyles by lowering the kitchen cabinets and counters for the injured veteran or offering meals for the grandmother who has cooked many meals. At the same time, this funding will help to create jobs and continue to jumpstart the economy."

Today's announcement included awards to the following housing authorities

In February, just eight days after President Obama signed the Recovery Act into law, HUD allocated nearly $3 billion in Recovery Act funding to more than 3,100 public housing authorities across the U.S. Distributed by formula, that funding is already being put to work to improve public housing and create safer, more livable environments for lower income residents.

The funding being announced today is the final round of the additional $1 billion in Public Housing Capital Funds designated by the Recovery Act to be awarded competitively. HUD accepted applications under this program from public housing authorities between June 22 and August 18.

Grants under the program are now being awarded to public housing authorities that effectively addressed the requirements in the Notice of Funding Availability (NOFA) under the following four funding categories:

Category 1 - Improvements Addressing the Needs of the Elderly and/or Persons with Disabilities: $95 million is being awarded today to make public housing units accessible and community facilities accessible and to create more space for the delivery of supportive services to this vulnerable population.

Category 2 - Public Housing Transformation: $96 million out of $100 million was awarded on September 3 to transform public housing developments that are distressed and a blighting influence on the surrounding community into newly built or renovated developments.

Category 3 - Gap Financing for Projects that are Stalled Due to Financing Issues: $200 million was awarded on September 23 to allow PHAs to develop or renovate public housing projects stalled due to lack of resources.

Category 4 - Creation of Energy Efficient, Green Communities: $600 million has been awarded for public housing authorities to create more energy efficient public housing units. Within this category, applicants could apply under Option 1 for substantial rehabilitation or new construction or Option 2 for moderate rehabilitation. Option 1 grants under this category were awarded on September 18 and Option 2 grants were awarded on September 23.

Secretary Donovan and the Department are committed to providing the highest level of transparency possible as Recovery Act funds are administered. It is vitally important that the American people are fully aware of how their tax dollars are being spent and can hold their federal leaders accountable. Every dollar of Recovery Act funds HUD spends can be reviewed and tracked at HUD's Recovery Act website. The full text of HUD's funding notices and tracking of future performance of these grants is also available at www.hud.gov/recovery

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