King County home prices lowest in 6 years

For anyone wanting to move to Seattle, now may be the time to get the best deal on a home. Home prices in King County reached a 6-year low point in January, according to the Seattle Times.

A report by the Northwest Multiple Listing Service showed that January's median price of single family homes hit $365,000, which is the lowest it has been since April 2005, according to the paper.

Reportedly, some experts attribute the low prices reported in January to the sales of a number of distressed homes, including those sold for less than the owner owed, and foreclosed properties, which sold at very low prices due to their status. Sales of distressed properties increased by 8 percent from January 2010.

The low prices of distressed homes may have a damaging effect on regular home sales, Tacoma-based realtor John Schlanbusch told the paper. "It's hard for the regular sales to compete with them," he said.

It seems that area residents are taking the hint and purchasing homes while the low prices are available. Home sales in the county also increased 7 percent over last year - the first year-over-year increase since tax credits for homebuyers expired.  

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