Tri-City home sales up 11% for 2013

Kristi Pihl, Tri-City HeraldDecember 24, 2013 

More Tri-City homes were sold in 2013 than were sold in each of the last three years.

The Tri-Cities has experienced a rebound in the housing market, said Ken Poletski, president of the Tri-City Association of Realtors.

So far this year, 3,364 homes were sold, up 11 percent from the same time last year, said Poletski, broker/owner of Community Real Estate Group in West Richland.

This year's average sale price of $208,995 is up by almost $14,000 over last year.

The year's activity is similar to 2012, when 3,327 homes were sold. But the average sale price is up about 7 percent from 2010, according to the association's data.

Historically, the Tri-Cities sees a 3 percent climb in home prices each year, Poletski said.

The last three months of the year have been busy, with more than 31 percent of the total homes sold this year closing since September, he said.

The current housing market in the Tri-Cities is a buyer's market because of the amount of inventory and the affordable, low interest rates, Poletski said.

Population and job growth will help the housing market keep its momentum, he said. With rebounding housing markets nationwide and current interest rates remaining at all-time lows, the housing market should continue to be stable for buyers next year.

Interest rates late last year and early this year were the best rates seen in history, Poletski said.

"If you were to look at today's rate, it is still awesome in comparison to the last four years," he said.

That means buyers can afford more home than they could in 2010, he said.

-- To submit business news, go to bit.ly/bizformtch.

-- Kristi Pihl: 582-1512; kpihl@tricityherald.com

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