Pending home sales jumped 25% from March to April in King County.  These sales are fueled by low interest rates, first-time buyer incentives and more realistic pricing by home sellers. 

The NorthWest Multiple Listing Service (NWMLS) reports that Pending sales of single family homes reached their highest level since August 2007. 

The median price for closed sales was down by 15% year over year, but up from February and March of this year.  Seattle median prices are down only 9.3% over last year,  while the Eastside is down 18.1% for the same period.  Sales generally close in 4-6 weeks, so it will be interesting to see how prices fare with closing of these recent Pending sales.

Looks like things are starting to improve for our local market, especially in the lower price ranges.

May 6, 2009