Market News

The markets covered by this report are seeing their labor forces grow, which is encouraging. More people are either looking for work or have obtained positions. I think that the temporary slowdown that was seen in June is just a blip and that the market will return to positive employment growth as we move through the rest of the summer.

The average home price in Western Washington in the first half of 2014 was $355,335—up by 4.6 percent over the first half of 2013. As is seen in the chart to the right, all but four counties saw average sales prices rise compared to a year ago. Price growth has been tapering over the past year, but remains generally positive.

Home prices are certainly influenced by the number, quality and mix of homes that are being offered for sale. Many times, markets with limited supply demonstrate stronger price growth than markets where inventory is less tight.

Washington State added just shy of 61,000 jobs over the past 12-month period, an annualized growth rate of 2.1 percent, while the markets covered by our report added 50,690 jobs (a 2.3 percent increase over a year ago).