Months of annual home-price declines in Pierce County deepened in July with a drop that neared double digits. New figures released Wednesday by the Northwest Multiple Listing Service showed the median price of a home in Pierce County decreased to $255,000, a change of 9.4 percent compared with the same month last year.
The median price means half the homes sold for more money and half sold for less.
July’s price drop was the 10th in the last 11 months and the largest.
The number of homes listed for sale and added to the market in the typical high season, however, continued to fall. There were 577 fewer homes for sale through the listing service last month in Pierce County than in July 2007 – an indication that prospective sellers are holding off as agents and brokers have been recommending for months. Closed sales also dropped year-over-year by 30.2 percent.
Pierce County’s price declines come as the National Association of Realtors and others say that now is the time for hesitant buyers to get off the fence.
A lack of financing options and the difficulty in closing short-sale transactions – a home sold for less than what’s owed on the mortgage – are taking their toll, said Keller Williams agent Michael Mesa.
But for consumers looking to stay in a home five to 10 years, he advises: “Look for a deal, but I’m not going to wait on pins and needles and wait for the next economic forecast.”
Windermere managing broker Wanda Coats said buyers waiting for the lowest possible price run the risk of finding higher interest rates down the road.
“If you’re trying to time it and the interest rates go up, you just negated many times over what you just saved in the long term of a 30-year loan,” she said.
Nearby counties also experienced falling prices: 12.1 percent in Kitsap County, 6.9 percent in Thurston County and 5.5 percent in King County.
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