Home value increases only slightly nationally, more locally

This house in Moses Lake sold for $60,000 in 1990, according to county records. It was listed at $349,000 Tuesday, an increase of 481.6%. Average home prices in Moses Lake 394.7% in that same period, according to the Federal Housing Finance Authority.
JOEL MARTIN/COLUMBIA BASIN HERALD

by JOEL MARTIN
Staff Writer | November 29, 2024 3:00 AM

MOSES LAKE — Home prices are up 4.3% nationwide from a year ago, according to a report released Tuesday by the Federal Housing Finance Agency, the lowest price growth year-over-year in a decade.

The Pacific Northwest had a lower price gain than most of the rest of the U.S., according to the FHFA data. Washington home prices rose 3.1%, and Oregon’s only 1.9%. Idaho was up 4%.

The highest rates of increase were to be found in the Midwest and Northeast. Only Louisiana and the District of Columbia showed a decrease in home prices since last year.

“While house prices continued to increase because housing demand outpaced the locked-in housing supply, elevated house prices and mortgage rates likely contributed to the slowdown in price growth,” Dr. Anju Vajja, Deputy Director for FHFA’s Division of Research and Statistics, wrote in the report.

Local counties bucked the trend considerably, showing a 7.4% increase in Grant County and 8.7% in Adams County. The Puget Sound area showed much less increase; Snohomish County was only up 2% and King County a mere 0.1%. Figures below the state level represent change between 2023, the latest year for which data was available, and 2022.

Among Grant and Adams ZIP codes for which data was available, Othello saw the highest increase since last year at 16.2%. Moses Lake was up 7.8%, Ephrata was up 9% and Quincy was up 7.7%. Two communities showed a decrease: Soap Lake by 0.1% and Ritzville by a whopping 23%.

Longer-term figures show a bigger picture. Washington home prices have risen 481.11% between 1991 and 2024, one of the highest rates in the nation. Between 1990 and 2023, Grant County home prices increased 395% and Adams County homes 457%. Moses Lake prices since 1990 rose 394.7%, Ephrata homes were up 404.4% and Othello’s prices were up 482.5%. Data was not available for Ritzville, Soap Lake or Quincy.

The figures are based on the FHFA’s House Price Index, which calculates the appreciation in single-family house prices.

Interest rates have fluctuated in the 6-8% range, according to data from Freddie Mac. On Tuesday, Freddie Mac showed a 6.84% rate for a 30-year mortgage, compared to 7.29% a year earlier.