According to the Washington Center for Real Estate Research 2008 Fourth Quarter Housing Analysis; Island County home re-sales were down -13.4% from the previous quarter, and down -21.4% from the fourth quarter in 2007. Statewide home re-sales were down -15.8% from the previous quarter and down -29.1% from the fourth quarter in 2007. Overall building permits in Island County are down -58.8% from the fourth quarter of the previous year, in comparison to the -53.4% reduction statewide. The median re-sale home price in Island County is down to $298,000, (down -1.0% from the fourth quarter in 2007), above the statewide median of $266,700, (down -9.3% from the fourth quarter in 2007),. The 2008 fourth quarter Housing Affordability Index (HAI) was 86.8 for Island County, lower than the statewide index of 107.5.