Whatcom County home prices are still going up

Whatcom County home prices are rising at a faster rate than the national average according to a federal study.

The Office of Federal Housing Enterprise Oversight reported that home prices in Whatcom County during the second quarter increased 5.1 percent compared to last year. The national average appreciation for the same period was 3.2 percent, while the Washington state average was 9.1 percent.

According to the OFHEO, the nation’s average 3.2 percent annual change was the lowest since 1996-97.

“House prices were basically flat in the second quarter despite tightening credit policies, rising foreclosure rates and weakening buyer sentiment,” said James B. Lockhart, OFHEO director. “Significant price declines appear localized in areas with weak economies or where price increases were particularly dramatic during the housing boom.”

According to the report home appreciation in Washington was higher than every state except Utah (up 15.3 percent) and Wyoming (up 12.8 percent). Nevada (down 1.5 percent), Michigan (down 1.4 percent), California (down 1.4 percent), Massachusetts (down 1 percent) and Rhode Island (down 1 percent) saw the greatest declines.

The way I see it here is Whatcom County is that there are a lot more homes on the market compared to last year and they are taking longer to sell, it is an interesting time and there are lots of choices out there for buyers.

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