It’s been a few months since we took a look at the average, median, and mode prices all together, so let’s update that chart. Here are the definitions of mode and standard deviation, for those who aren’t stats nerds. Note that for the “mode” in this chart, I have rounded every sale price to the nearest $25,000, and taken the mode of that set.
As of May, the median price is down 25.7% from its July 2007 peak, the average is down 27.6% from its July 2007 peak, and the $25k-rounded mode is down 43.8% from its April-May 2008 peak, hovering between $225,000 and $250,000 for the last ten months, save for a blip down to $200,000 in November.
Despite this spring’s increase in the median and average price, sales are still skewing toward the cheap homes.
Hit the jump for the plot of the standard deviation, requested by the serious data geeks.
The standard deviation has been decreasing fairly steadily since mid-2011, with the six-month average dropping nearly $100k. This indicates a narrowing of the range of prices that buyers are paying for homes.
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i’d like to see total sales in dollars over time.
this would let us see if the total number of dollars spent on housing is increasing or decreasing.
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New topic please.
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RE: ; @ 1 – Sales for King County SFR reported through the NWMLS peaked at about $1,514M in June, 2007. The low point was January, 2009 at about $305M. January 2012 was about $437M. Last month as about $876M.
Consider the fact that state and local governments collect 1.78% excise tax on those sales, and you can see how government revenue has been really cut. The same comment could be made about real estate commissions.
Numbers from NWMLS courses, but not compiled by or guaranteed by the NWMLS.
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RE: ; @ 1 – That chart would look basically the same as the one I posted in January on total real estate commissions. Here’s the post, and here’s the follow-up where I adjusted for inflation and then inflation+population.
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RE: Kary L. Krismer @ 3 – Sounds to me that our state government has done a horrible job of implementing good tax policy. The problem is that an RE excise tax is relatively easy to slip in. This, along with hotel/rental car taxes that we shove down the throats of visitors. Screw the other guy, taxes are fun that way.
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RE: wreckingbull @ 5 –
Yes it’s all State Governments fault and not the voters fault for passing the supermajority requirement to raise taxes or continually rejecting an income tax.
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Actually, the bubble should have been a huge windfall profit for the tax collectors. But their spending rose to match their intake. Typical result when you’re spending other peoples money.
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RE: wreckingbull @ 5 – How about we vote if what we want as an individual doesn’t happen we don’t whine. It is called democracy. I voted against not one but two stadiums but life goes on I pay for them but don’t pay the extra to use them so be it. I am part of the society that has voted for them — that’s the breaks.
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RE: Sean @ 6 – When state policy is dictated by referendum and proposition, state government has already failed. Blaming the voters will get you nowhere. Don’t believe me? Look no further than two states to the south.
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RE: interested @ 8 – Hey, feel free to accept the status quo. Don’t worry, I wont bother you. If you are happy with the way things are, great. I won’t shut up about how basing a substantial percentage of state revenue on a volatile revenue source is bad policy. Do you actually enjoy the fire drills our state legislators have to perform every time revenue does not meet forecasts?
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RE: wreckingbull @ 10 – Hey I agree with you. Do I believe in a progressive tax structure — YES oh maybe even the dreaded income tax — sales taxes are not by definition progressive but regressive. I make a million and want to buy a loaf of bread it is a dollar — I make 20k and want to buy a loaf of bread and it is a dollar, hmmm.
And just to be clear I would end up paying more. I started out with less and thankfully I grew up in a society where I had help and therefore I think that should be passed on. Some people have different ideas so be it they believe everyone pulls themselves up by themselves — I think those people have short/long term memory lost.
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RE: interested @ 11 – I think a reasonable income tax could work. The problem is that our lawmakers have always wanted to tack it on to our existing tax structure rather than consolidate and retire the ineffective policies. Unfortunately, I don’t see this changing based on the people we continue to send to Olympia.
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By wreckingbull @ 5:
Washington Realtors fights any increase in the real estate excise tax very hard, and even fights efforts to divert the funds raised to other issues. They even have hopes of getting a portion of that tax to expire some day, but I wouldn’t hold your breath.
But you’re right. It’s not a tax that most people notice when it’s proposed to be increased.
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By wreckingbull @ 12:
Exactly. What we need is a constitutional amendment allowing an income tax and making a sales tax on goods illegal (with transition provisions). Otherwise it would be foolish of the voters to approve the change. They would just end up with more in taxes.
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