State housing market sets records in 2nd quarter

SPOKANE, Wash. -- The housing market in Washington state set records in the second quarter of 2017.

That's according to the Washington Center for Real Estate Research at the University of Washington.

The statewide median sales price rose to $337,700 in the second quarter, 6.6 percent higher than the same period last year. This represents an all-time high for statewide house prices and the highest median price ever recorded in the state.

The study says a low supply of existing homes for sale is likely a leading factor in price growth.

Median prices were highest in King County at $650,800, with a year-on-year increase over 2016 of 14.9 percent. The lowest median prices were found in Lincoln County at $89,000.

House prices in many other counties rose significantly.