By Jim Cline
The just-released home sales data indicates some continued improvement in the local housing market. This is also a good sign of a broader recovery not only of the Seattle area economy, but possibly a statewide recovery. As we recently reported, the Washington State Economic and Revenue Forecast Council continues to indicate that the Washington State economy is recovering at a somewhat stronger rate than the national economy.
While the King County home prices seem to be rebounding faster than in some other counties, March data released by the Northwest MLS indicates home prices are on the rise throughout the State. While month-to-month housing sales reports should be read with caution because they can be statistically aberrant, the latest home sales reports are just one sign among many that the housing market is rebounding. A more vibrant housing market is likely to have a positive impact on the rest of the economy.
