Home sales dip again in July

By Rolf Boone | The Olympian • Published August 13, 2008

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Thurston County home prices fell for the second-consecutive month in July, although the drop wasn't as steep as in June, new Northwest Multiple Listing Service data show.

In July, the combined median price of a single-family residence and condominium fell 6.85 percent to $256,326 from $275,173 last July. Sales of both slumped 18 percent to 322 units from 396, according to the data.

In June, year-over-year home prices fell more than 9 percent, the data show.

However, a downturn in home construction continues to chip away at the inventory of homes for sale in the county.

Total active listings fell for the second-straight month to 2,249 units in July, a drop of 5.46 percent from the 2,379 units last July, the data show.

A drop in the number of homes for sale should stimulate the South Sound housing market by creating a better balance between the supply and demand for homes, said Dean Stohl, owner and broker of Re/Max Four Seasons in Olympia.

New home construction has slowed, but also affecting inventory levels are people pulling their listing off the market or waiting for the market to improve before the home is listed for sale, he said.

The housing market continues to be flat, yet a house in good condition and priced competitively still can sell quickly, Stohl said.

Paul and Callie Jones, who just sold a house in Vancouver, Wash., and are buying one in Olympia, say the two housing markets are similar. Homes are taking longer to sell, prices are coming down, and there's a lot to choose from, Jones said Wednesday.

The couple started their home search in May and expect to close on a new 2,200-square-foot house in September, Jones said.

Rolf Boone is a reporter for The Olympian. He can be reached at 360-754-5403 or rboone@theolympian.com.