Home values across the country are up. In the Seattle metro area, property prices have increased by more than 15 percent from one year ago, based on figures from Zillow, an online real estate company, reports the Puget Sound Business Journal. The region’s median home value in July was $302,600, up 2.3 percent from June and up 15.3 percent from July 2012.
Based on figures from the Northwest Multiple Listing Service, The Seattle Times reports the following housing data:
The median price of single-family homes sold in King County in July climbed to $434,000, up 15 percent from a year ago and up 1.5 percent from June. The number of pending homes sales hovered above 3,000, the most since 2005.
In Snohomish County, the median home price was $304,000, almost 12 percent higher than a year ago.
Pierce County posted a 16 percent increase at a median home price of $195,000.
For King County, bank-owned homes made up just 9 percent of sales in 2013, compared to 14 percent last year, according to Richard Eastern of Bellevue-based Washington Property Solutions. Short sales comprised 13 percent of this year’s sales. Southwest King County had the lowest median price at $248,500, while the Eastside boasted the highest at $566,258.
Cash buyers continue to account for a fair portion of the market. Nearly 23 percent of June home sales in Greater Seattle were non-mortgaged purchases, according to San Diego-based DataQuick. Seattle’s real estate market continues to outpace the nation’s home appreciation rate of 6 percent with a median property value of $161,600.
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The average cost of closing on a mortgage has dropped by 7.4 percent over the past year, reports CNN Money . Based on a recent survey conducted by Bankrate.com, a $200,000 mortgage with 20 percent down might cost a buyer $3754 in closing fees, or $300 less than one year ago.
Mortgage loan rates have fallen again. CNN Money reports that the 30-year mortgage dropped to 3.53% from 3.56% over one week ago, according to Freddie Mac’s weekly report. One year ago, the 30-year fixed rate was 4.52%.