WCRER Housing Analysis/ 2009 1st Quarter/ Island County WA

According to the Washington Center for Real Estate Research 2009 First Quarter Housing Analysis; Island County home re-sales were down +4.7% from the previous quarter, and down -28.3% from the first quarter in 2008.  Statewide home re-sales were down -8.6% from the previous quarter and down -30.6% from the first quarter in 2008.  Overall building permits in Island County are down -61.5% from the first quarter of the previous year, in comparison to the -53.3% reduction statewide.  The median re-sale home price in Island County is down to $248,000 (down -14.3% from the first quarter in 2008), below the statewide median of $253,500 (down -13.7% from the first quarter of 2008).  The 2009 first quarter Housing Affordability Index (HAI) was 115.6 for Island County, lower than the statewide index of 125.5