Runstad Department of Real Estate – UW News /news Fri, 12 Aug 2022 21:16:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 New faculty books: How your brain works, cycling around the world and more /news/2022/08/12/new-faculty-books-how-your-brain-works-cycling-around-the-world-and-more/ Fri, 12 Aug 2022 16:39:26 +0000 /news/?p=79274 Four books lined up on a table
Recent and upcoming books from UW faculty include those from the Jackson School of International Studies, the Department of Psychology and the Runstad Department of Real Estate.

 

Four recent books from 天美影视传媒 professors cover a variety of topics including neuroscience, Chinese filial piety and the history of Irvine, California. UW News talked with the authors to learn more about their recent publications.

 

Chantel Prat introduces you to your brain

In her new book, UW psychology professor wants to make one thing clear right away: There鈥檚 no such thing as a 鈥渘ormal鈥 brain.

Chantel Prat

鈥,鈥 published this month by Dutton, is the distillation of years of research by Prat into how our brains work 鈥 and a guide for the everyday person into why we think and act the way we do. Every human brain is designed differently, and it鈥檚 those differences, Prat explains, that render a traditional definition of 鈥渘ormal鈥 not only irrelevant, but also inaccurate.

鈥淚 wanted to talk about differences in a different way, debunking the idea of normal as an ideal set point instead of normal as a multidimensional and variable space,鈥 Prat said. 鈥淵ou can鈥檛 even define 鈥榥ormal鈥 without understanding the ways people vary. And within that space, 鈥榙ifferent鈥 doesn鈥檛 have to be better or worse. There鈥檚 a reason we鈥檝e got multiple design choices when brains are engineered. Different types of brains excel in some subset of the variety of environments we put them in.鈥

The book is organized into two parts: brain designs and brain functions. And within those parts are chapters devoted to the brain鈥檚 two hemispheres and chemistry, for example, as well as sections that dive into how our brains adapt to environments; focus on the different types of information they鈥檙e bombarded with; and affect how we communicate with other people. That interpersonal connection piece is important, Prat notes in the book, because two people might get along swimmingly 鈥 or not so much 鈥 due in part to how their brains are designed.

鈥淭he challenge is that our most instinctive way of understanding others is through 鈥榤irroring鈥欌攁 process by which our brains activate the programs we would be using if we were engaging in that same behavior. But if the brain of the person you鈥檙e trying to understand doesn鈥檛 work like yours, the inferences you make about why they鈥檙e behaving a particular way are more likely to be wrong,鈥 Prat said.

Prat draws heavily on decades of research 鈥 her own, and that of others, including UW colleagues such as Andrea Stocco (her spouse), Patricia Kuhl and Jonathan Kanter in psychology; and Rajesh Rao in computer science and engineering. She also peppers personal anecdotes throughout the text and footnotes and provides a series of quizzes and puzzles to help readers gain insight into their own brains. Prat invites readers to dive deeper by visiting her website and participating in her ongoing research through the very sorts of puzzles she offers in the book.

Prat said she wanted to write a book that was more accurate than the typical 鈥渙ne size fits all鈥 book about neuroscience and accessible to a general audience.

For more information, contact Prat at csprat@uw.edu.

 

Around the world for clean air

was diagnosed with asthma when she was 2 years old, but she鈥檚 likely had the condition since birth. She spent her childhood in and out of the hospital. Barely able to get out of bed, she fantasized about traveling the world one day.

Holmes-Eber is now an affiliate professor in the Jackson School of International Studies. More than a decade ago, she bicycled a complete circle around the world with her family to raise awareness and funds for clean air and asthma. Holmes-Eber and her husband, Lorenz Eber, documented the 480-day journey in 鈥.鈥

Headshot of woman
Paula Holmes-Eber

鈥淏reathtaking鈥 follows the Ebers and their two daughters, who were homeschooled by their parents, as they travel 9,332 miles on bikes. The family raised $65,000 for World Bike for Breath, a non-profit organization focused on inspiring people to travel by bicycle and promoting clean air. They are the only family on record to complete a full circumnavigation of the world by bicycle.

The journey took the Ebers across four continents 鈥 Europe, Asia, Australia and North America 鈥 and through 24 countries. Holmes-Eber said Mongolia was a highlight of the trip. A traditionally nomadic people, Mongolians have often been forced by outside countries to remain sedentary. But that鈥檚 no longer the case.

鈥淭he downtown core of the capital city, Ulaanbaatar, is maybe 10 blocks of buildings,鈥 Holmes-Eber said. 鈥淎s soon as you get out of that central core, the entire city is ringed with tents. People live throughout the country, still wandering with their animals. We got to stay in the tents with some Mongolian families. I was just so impressed that they kept their culture and their way of life intact and protected it.鈥

Still, Holmes-Eber said more work needs to be done. People worldwide are living with the levels of pollution and air quality, despite an increase in disease.

鈥淭he numbers of people with asthma have increased,鈥 she said. 鈥淚n fact, all sorts of lung diseases are going up. I thought this book could push that issue, raise awareness and connect people to the reality that we鈥檙e accepting.鈥

The book was published in June by Falcon.

For more information, contact Holmes-Eber at pholmese@uw.edu.

 

From country to campus to community: The birth of the city of Irvine

The Southern California suburb of Irvine is home to more than 300,000 people, dozens of corporate headquarters and a University of California campus that has a 21-acre park in the middle.

A little more than 60 years ago, the siting of that campus was the spark for a development that would transform what was then farmland into the sprawling city it is today.

, affiliate instructor of real estate at UW, and co-author Michael Stockstill explain that history in their new book, 鈥.鈥 What began as the 110,000-acre property assembled by James Irvine from Spanish and Mexican land grants in the 19th century grew to be the site of a UC campus and a master-planned community in the 1960s.

H. Pike Oliver

鈥淟arge-scale development on the Irvine Ranch commenced at a time when there was strong interest in creating alternatives to the suburban sprawl that exploded across the United States during the 1950s,鈥 Oliver said.听 鈥淢y coauthor and I thought it important to tell the story of how this largest and most successful example of planned development came to be.鈥

With a professional background in urban planning, Oliver has worked on planned communities since the 1970s, including at the Irvine Company, which led the planning and development of the Irvine Ranch. In telling the relatively short history of the city of Irvine, Oliver and Stockstill focus just as much on the change to the land as on the people who brought about the change. This includes the competing interests of the Irvine family and the principals of the Irvine Company, as well as conflicts with some environmental groups and community activists.

The UC system, being the catalyst to the master-planned community, features prominently, particularly in a chapter titled 鈥淚nclusions, Exclusions and the Campus that Never Was.鈥

鈥淣ot all of what was envisioned for the neighborhoods surrounding UC Irvine has come to pass,鈥 the authors write. 鈥淪till, the university has been a significant factor in attracting residents and innovative commercial enterprise to the Irvine Ranch.鈥

The book was published in June by Routledge.

For more information, contact Oliver at hpo@uw.edu.

 

Examining the origin and evolution of Chinese filial piety

In 鈥,鈥 recently published by Routledge, brings an interdisciplinary approach to the analysis of ancient Chinese history.

Porter, professor in the Jackson School of International Studies, uses social neuroscience, cultural evolution, cognitive archaeology and historical analysis to trace the evolution of filial piety.

Commonly attributed to Chinese philosopher Confucius, filial piety is a deep reverance for the lives of preceding generations. In her book, Porter argues that the conceptions of filiality evolved from a structure of feelings that were inherited from the ancestral past, starting with China鈥檚 earliest farmers and their relationship to the stars above.

Deborah Porter

Porter begins by asking why Confucius views a model filial son as one experiencing psychological grief so devastating that he can no longer participate in life. Borrowing the neuropsychological concept of 鈥渃omplicated grief,鈥 Porter looks to evolutionary conditions that would account for the prominence of this relational emotion.

鈥淚 think neuroscience really opened my mind to understanding how psychological processes are inextricably connected to our nervous system,鈥 Porter said.

This perspective allowed Porter to discern a crucial relationship between inhabitants of a Neolithic settlement and a constellation in the sky, Turtle. This relationship could account for Confucius’ proscribed filiality. For more than 1,000 years, Turtle’s appearance in the sky coincided with the start of agricultural activities in the spring.

This constellation was revered, Porter said, and became like a member of the community due to its reliability. However, due to the gradual shift in the orientation of the earth鈥檚 axis over generations, the constellation eventually moved positions. The people couldn鈥檛 explain why Turtle no longer marked the start of the season. They were shamed, believing the constellation was reluctant to participate in their activities.

鈥淭hat鈥檚 the core of this notion,鈥 Porter said. 鈥淐onfucian filial piety can be understood if we go back to a problematic relationship in mourning Turtle. I establish a line that traces the evolution of the Chinese nervous system and how that system influenced Chinese cultural production to explain Confucius’ vision of a filial son.鈥

For more information, contact Porter at debzport@uw.edu.

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UW professor鈥檚 new book presents opportunity to ‘rethink housing’ /news/2022/03/15/uw-professors-new-book-presents-opportunity-to-rethink-housing/ Tue, 15 Mar 2022 15:53:15 +0000 /news/?p=77702
Seattle is among the “big eight” U.S. cities that struggle with homelessness, says Gregg Colburn, assistant professor of real estate at the UW, in his new book. Photo: Pamela Dore/U. of Washington

 

Not all U.S. major cities are grappling with homelessness at the scale of say, Seattle or San Francisco.

And it鈥檚 not because some cities have more people in poverty, or more people in crisis.

, assistant professor of real estate at the 天美影视传媒, believes housing market conditions 鈥 specifically, high housing and rental prices, and low vacancy rates 鈥 exacerbate economic and personal challenges for society鈥檚 most vulnerable. And it鈥檚 the housing market, aided by the private and public sectors, that can provide the solution.

Colburn鈥檚 new book, , co-authored with data journalist Clayton Aldern, explores the factors that drive homelessness, and the cultural and economic shift that can ultimately benefit all 鈥 housed and unhoused.

鈥淲e know that there are individual factors that increase the risk of homelessness for individuals, maybe poverty or health issues or substance use. But those factors alone don鈥檛 explain the huge problem we have in Seattle, or San Francisco or Los Angeles,鈥 Colburn said. 鈥淚f we continue to blame individuals for particular outcomes, we鈥檙e going to miss the fundamental driver of this crisis 鈥 housing market dynamics. We have a gross undersupply of housing at all levels, but certainly of affordable housing. Failure to address that gap will, I think, guarantee that we will continue to struggle with this crisis in perpetuity.鈥

In 2020, Colburn co-led a study with King County on the use of hotels as temporary housing for people experiencing homelessness during the COVID-19 pandemic. He spoke with UW News about his new book, published March 15 by University of California Press.

What did you learn about the differences among cities?

There are the 鈥渂ig eight鈥 cities for homelessness in the United States: Boston; New York; Washington, D.C.; Seattle; Portland; San Francisco; Los Angeles; and San Diego. Each of these cities have really high rents and low vacancies. While there are people with vulnerabilities in every community around the country, the consequences of vulnerabilities are far more severe in a place where housing costs are very expensive and vacancies are low.

For example, the margin for error in Seattle is very thin: If you get kicked out of your apartment, or get into a fight with your roommate, or lose your job, there are no places to move to, and if there are it might cost $2,000 a month. Now, the margin for error in Detroit 鈥 one of the most impoverished cities in the country 鈥 is far greater. You can lose a job, you can have an unfortunate event, but you might be able to find an apartment for $500, where vacancy rates are 10%.We have fewer poor people in Seattle than Detroit does on a per capita basis, but we have far more homelessness because the consequences of being poor in Seattle are so much more significant.

How is the 鈥渟ystem鈥 of homelessness, as you define it in the book inflow, crisis response and outflow strained in Seattle?

One of the key challenges that our political leaders currently face is where do we invest, given that we have a crisis raging right in front of us. We can and should invest in our crisis response 鈥 expanding shelter capacity and providing more services to people who need them. But those steps will not end homelessness. We also need to make permanent investments that will provide housing units. But the more acute the crisis gets, the greater the pressure is to deal with the short term, which is what is happening with our mayor and City Council right now. I understand that, but as we devote resources to these emergencies, I really hope that we don鈥檛 take our eye off the longer-term ball, which is investments in housing.

Gregg Colburn

New York City serves as a warning: It has invested billions in a massive shelter system that houses tens of thousands of people, but then there鈥檚 nowhere for them to go. People can live their lives in the shelter system. In Seattle, we can make short-term investments and expand the shelter system, but without permanent housing units on the other side, we will just end up with a much larger shelter system. And that is not an outcome that I wish for the people experiencing homelessness or for our community. Those are very expensive systems to maintain, and you鈥檙e not ending homelessness 鈥 you鈥檙e re-characterizing it from unsheltered to sheltered. We need to have both short- and long-term responses if we鈥檙e going to make a dent in this crisis.

How did the hotel study inform your research for the book?

The hotel intervention occurred while we were writing the book, and it certainly clarified a couple of things. One is that the current emergency response system is essential but flawed 鈥 not because of a lack of imagination or good work by the people providing those services; they will acknowledge that our current congregate shelter settings do not help people get out of crisis. Congregate shelters, in an effort to serve as many people as possible, put hundreds of people together sleeping on mats, or in bunk beds, in very close proximity. It’s not an ideal situation to help people stabilize. What we observed through the transition to hotel rooms during the pandemic is that when people got out of these congregate settings, they improved from a physical and an emotional standpoint, evidence that provided support for the county to make some significant investments in the purchase of hotels for housing units. I have become a big advocate for those conversions because we need a lot more housing units, and it’s a lot easier to buy them rather than to spend two years building them. If we can get 300 units at a time through the acquisition of a motel, it can improve the emergency response, and eventually many of those units could be converted into permanent supportive housing.

You point to the private and public sectors to help provide solutions, as well as a needed cultural shift in how society views housing. How do we start?

Changing the perception around housing is essential. We think of transportation as a public good, but housing as a private good. We make massive investments in transportation, because we know it’s going to be good for people, the climate, the economy, traffic. But we get very reluctant when we start to talk about public investments in housing. Our region desperately needs more housing that is affordable and that commitment will require public funds, either from federal, state or local government 鈥 or preferably, all of the above. I think people are now starting to connect the dots, that the lack of housing is really kind of a clear and present danger for the viability of our community. We’re seeing Amazon and Microsoft stepping up and investing in housing because they recognize that if there are people in this community who can’t afford to live here, including their own service workers, then that is a threat to their businesses. In this crisis moment, there is an opportunity to rethink the way we think about housing鈥攊n terms of who funds it and our use of land. I think the growing recognition of this crisis will drive needed change, but it will be slow and difficult, just as a lot of political change is.

The fact that the government may and should be involved, either through supporting the construction of housing or providing people with purchasing power through vouchers or other subsidies, is encouraging. Then, we can hopefully get over the stigma associated with affordable housing and acknowledge that a healthy society involves housing that people can afford.

For more information, contact Colburn at colburn3@uw.edu.

 

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Turning hotels into emergency shelter as part of COVID-19 response limited spread of coronavirus, improved health and stability /news/2020/10/07/turning-hotels-into-emergency-shelter-as-part-of-covid-19-response-limited-spread-of-coronavirus-improved-health-and-stability/ Wed, 07 Oct 2020 15:00:09 +0000 /news/?p=70918
A 天美影视传媒 study found that a King County initiative to relocate people from homeless shelters into hotel rooms limited the spread of COVID-19 and improved people’s well-being and sense of security.

 

A King County initiative that moved people out of homeless shelters and into hotel rooms earlier this year helped slow the transmission of coronavirus, according to from a of the intervention.

The intervention also produced other benefits to the people who were relocated, say authors of the joint study from King County Department of Community and Human Services (DCHS) and the 天美影视传媒. Individuals who moved to area hotels 鈥 an arrangement managed by the County and social service providers 鈥 reported improved physical and mental health, and the ability to focus on long-term goals such as obtaining housing, employment and education, rather than simply focusing on day-to-day survival.

鈥淢oving people from large shelters to individual hotel rooms not only succeeded in slowing the spread of COVID-19, but also provided security, privacy and dignity to hundreds of people in our region experiencing homelessness,鈥 said King County Executive Dow Constantine. 鈥淭his study conclusively demonstrates the positive impacts of providing our most vulnerable neighbors a place to call their own and 24/7 support, and it underscores the urgency in expanding these efforts in the coming months.鈥

The research is being presented Wednesday to the .

鈥淓verything we know about homelessness reinforces that we need to remove the crisis of homelessness to allow people to move forward,鈥 said , an associate professor of public policy at the UW and one of the study鈥檚 authors. 鈥淲e know that from housing interventions, and what we know of mental health and getting to a place of stability, this intervention 鈥 while not perfect and not a substitute for housing 鈥 is closer to what we think might create conditions for someone to move on.鈥

When the first cases of coronavirus, and information about the infectious nature of the disease, emerged in late winter, Seattle and King County sought alternatives for people staying in homeless shelters, both by relocating individuals and reconfiguring existing shelter spaces to allow for social distancing.

Beginning in April, the county leased hotel rooms in Seattle, , with management by four local housing service providers. The rooms have since served as temporary shelter for more than 800 people, and the hotels are not open to other guests.

Initial findings from the study of the hotel intervention showed that it achieved its primary goal: to slow the spread of COVID-19 among people experiencing homelessness. Researchers found fewer clusters and outbreaks of COVID-19 among individuals who stayed in hotels than among those who remained in traditional, large-group shelter settings.

鈥淭his emergency intervention is an example of an effective public response under very challenging circumstances that kept large numbers of highly vulnerable people safe during a pandemic,鈥 said , an assistant professor of real estate at the UW who specializes in housing affordability issues.

King County is evaluating how to continue and expand the program during and beyond the pandemic, incorporating information from people who have stayed at the hotels, social service providers and neighboring businesses. The county has extended the hotel leases through January 2021. The King County Council is also currently reviewing a proposal from the County Executive as part of the 2021-2022 biennial budget to purchase single-room properties such as hotels and nursing homes to create emergency housing and move as many as 2,000 people out of homelessness.

鈥淥ur service providers met the moment.听They shifted from congregate shelters to hotels on a week鈥檚 notice, and they kept their residents safe, slowed our entire community鈥檚 spread of COVID, and tested a better approach that we are now trying to bring to scale in partnership with cities across the County,鈥 said Leo Flor, director of King County鈥檚 Department of Community and Human Services. 鈥淭his report provides strong evidence that we can slow the spread of disease and turn the tide on chronic homelessness. Housing is a foundation for health at the individual and community levels.鈥

Shortly after the program launched in the spring, evaluators with DCHS partnered with UW researchers Colburn and Fyall to study the effectiveness of the hotel intervention in protecting people from COVID-19.

With support from the social services agencies managing the intervention, researchers interviewed nearly two dozen people, as well as several staff members, at four hotels over the summer. The study also relied on data from the King County Homeless Management Information System, the Washington Disease Reporting System and Seattle Fire 911 dispatches to local agencies.

In addition to the findings related to disease transmission, researchers found that staff and individuals staying in the hotels reported other benefits:

  • Increased feelings of stability associated with consistent access to a private room;
  • Improved health and well-being, including sleep, hygiene and mental health;
  • Reduced conflict, as evidenced by declines in 911 call volume from shelters;
  • More time to think about and take steps toward future goals;
  • Higher rates of exits to permanent housing.

Researchers found that basic hotel features contributed to the program鈥檚 success. Individuals had secure, private rooms; consistent access to meals; and the ability to store belongings and the freedom to come and go.

鈥淲hat we learned from our interviews was how incredibly grateful the people were who moved to hotels. It was a total life-changer for them,鈥 said Colburn. 鈥淎 little privacy, good sleep, and consistent meals can have a very significant impact on individual well-being.鈥

A full report is expected on the hotel intervention later this fall.

Additional authors of the study were Samantha Thompson and Taquesha Dean, graduate students at the UW; and Christina McHugh, Pear Moraras, Victoria Ewing and Sarah Argodale, all of King County. The study was funded by the Bill & Melinda Gates Foundation, a UW Population Health Initiative COVID-19 Economic Recovery Grant, and Urban@UW鈥檚 Homelessness Research Initiative.

For more information, contact Colburn at colburn3@uw.edu; Fyall at fyall@uw.edu or Sherry Hamilton, communications director for the King County Department of Community and Human Services at sherry.hamilton@kingcounty.gov.

 

This release was updated on Dec. 7 and includes a link to the final report. Further information about the report is available at .

 

 

 

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Real estate department named in honor of Jon and Judy Runstad /news/2018/04/03/real-estate-department-named-in-honor-of-jon-and-judy-runstad/ Tue, 03 Apr 2018 16:44:27 +0000 /news/?p=57117 The College of Built Environments Department of Real Estate, formerly the Runstad Center for Real Estate Studies, has been named in honor of Jon and Judy Runstad.

The Runstads established the real estate program in the college in 1999 by creating an endowed fund that led to the establishment of the Runstad Center for Real Estate Studies. The 天美影视传媒鈥檚 Board of Regents approved the naming of the department at its March 8 meeting.

Jon and Judy Runstad Photo: 天美影视传媒

The real estate program has grown significantly since its inception and was elevated to department status in September 2017, serving as the focal point for听UW real estate research, teaching, and engagement. The University has approved the naming of the Runstad Department of Real Estate in recognition of the Runstad鈥檚 vision to create a comprehensive real estate education program and for nearly two decades of leadership and philanthropy.

鈥淲e are excited about this opportunity to recognize the Runstads鈥 contributions to both the UW and the region,鈥 said John Schaufelberger, dean of the College of Built Environments. 鈥淭hey have been leaders not only in the real estate and law communities but in the broader Seattle civic community. Through their tireless work as advocates for the program, they have helped to build, lead, and sustain a premier real estate program.鈥

Since the launch of the degree program, eight cohorts of students have received their master鈥檚 degrees in real estate and gone on to assume important positions within the real estate industry.

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For more information, contact Kailey Waring, Assistant Director of Marketing and Communications, College of Built Environments, at 206-685-3751 or kcwaring@uw.edu.

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Home prices up, supply down in second quarter of 2017 /news/2017/08/28/home-prices-up-supply-down-in-second-quarter-of-2017/ Mon, 28 Aug 2017 21:13:02 +0000 /news/?p=54576 Crellin_houseforsale2_1000-300x225-300x225Washington state鈥檚 housing market showed the continuing effects of high demand in the second quarter of 2017, according to the Washington Center for Real Estate Research at the 天美影视传媒

The statewide median sales price rose to $337,700 in the second quarter, 6.6 percent higher than the same time period last year. This represents an all-time high for statewide house prices and the highest median price ever recorded in Washington state.

Similarly, the seasonally adjusted annual rate of existing home sales rose 11.6 percent from the second quarter of 2016 to 113,030 homes. That represents the number of homes that would be sold if the quarter’s pace continued unchanged for a year.

The low supply of existing homes listed for sale is likely a leading factor promoting rapid house price growth throughout the state.

Breaking down trends by region reveals a high level of variance in house prices throughout the state. Somewhat expectedly, median prices were highest in King County at $650,800, with a year-on-year increase over 2016 of 14.9 percent. The lowest median prices were found in Lincoln County at $89,000 with a low number of house sales recorded.

Photo: Runstad Center

House prices in many other state markets rose significantly, with Spokane up 7.4 percent to a median of $225,100 and Whatcom County (Bellingham) rising 14.6 percent to $343,500. House prices in Pierce County rose by 12.1 percent recording a record high of $313,200.

House price growth continued strong growth outside of King and Pierce counties, with median prices in Snohomish County growing by 12.9 percent to $439,700 and Skagit County prices up by 6.4 percent to a median of $315,500. This indicates that some of the demand for housing is likely moving further away from downtown Seattle in search of more affordable prices.

Other regional markets posted significant price increases with Benton and Franklin counties (the Tri-cities) posting a median price of $244,100, a 8.3 percent increase over the same period last year. Chelan County (Wenatchee) posted a median price of $294,400 (up 9 percent from the same period in 2016) and Walla Walla posting a median price of $217,400 (up 4.5 percent). Compared to last year, the Yakima median house price stood at $205,900 up 11.8 percent over last year.

Other Puget Sound region house prices broke records, including Thurston County (Olympia) up 8.1 percent on a median price of $289,800 and Kitsap County up 11.3 percent on a median price of $325,000. Within the state, 20 of the 39 counties in Washington had record high median prices in the second quarter of 2017.

Housing affordability was lower in the second quarter of 2017. The affordability index 鈥 where 100 means a middle-income family can just qualify for a median-priced home, given a 20 percent down payment and a 30-year fixed mortgage rate at prevailing rates 鈥 was 123.7, down slightly from 124.3 in the first quarter of 2017. This metric suggests that, given the same down payment and mortgage, a middle-income family can afford a home selling for 23.7 percent above the median house price.

Statewide, the first-time buyer index showed a decrease of 0.2 points, ending the quarter at 71.2. This index assumes a less expensive home than a typical family, lower down payment and lower income. Similar to the index above, this figure reveals that first-time buyers had 71.2 percent of the income required to purchase a typical starter home.

With house prices increasing statewide, one might expect building activity to rise as well. However, the second quarter of 2017 revealed a total of 10,889 building permits recorded, a decrease of 8 percent from same period last year. This suggests that construction capacity is tight and longer development pipelines are making it hard for demand levels to be met in the short term.

The Washington Center for Real Estate Research (WCRER) produces home sales statistics in partnership with Washington Department of Licensing and the Washington Real Estate Commission.

The WCRER is housed in the Runstad Center for Real Estate in the 天美影视传媒’s . Sales, median home prices and affordability data for all Washington counties are available at the center’s .

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For more information, contact Young at 206-685-7088 or jyoung4@uw.edu.

 

 

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Washington state house prices up 12.1 percent compared to the first quarter of last year /news/2017/05/18/washington-state-house-prices-up-12-1-percent-compared-to-the-first-quarter-of-last-year/ Thu, 18 May 2017 20:08:53 +0000 /news/?p=53291 Washington state鈥檚 housing market showed the continuing effects of high demand in the first quarter of 2017, according to the Runstad Center for Real Estate Studies at the 天美影视传媒.

The statewide median sales price rose to $324,300 in the first quarter, 12.1 percent higher than the same time period last year. While this does not represent an all-time high for statewide house prices, this price represents the highest first-quarter price ever recorded in Washington state.

Similarly, the seasonally adjusted annual rate of existing home sales rose 12.2 percent from the first quarter of 2016 to 107,590 homes. This indicates that the current annual rate of sales is well below that witnessed in previous periods of high house price growth, such as 2003. The low supply of existing homes listed for sale is likely a leading factor promoting rapid house price growth throughout the state.

Photo: Runstad Center

Breaking down trends by region reveals a high level of variance in house prices throughout the state. Somewhat expectedly, median prices were highest in King County, at $577,300, with a year-on-year increase over 2016 of 11.1 percent. The lowest median prices were found in Lincoln County, at $70,000 with a low number of house sales recorded.

House prices in many other state markets rose significantly, with Spokane up 8.0 percent to a median of $208,100 and Whatcom County (Bellingham) rising 8.4 percent to $329,500. Perhaps not surprisingly, median prices typically rose the fastest in the Puget Sound region.

Interestingly, however, the fastest growth in the region was farther out from King County than expected. For example, median prices in Snohomish County grew by 10.6 percent while in Skagit County prices grew by 14.0 percent. This indicates that some of the demand for housing is likely moving farther away from downtown Seattle in search of more affordable prices.

Other regional markets posted significant price increases with Benton and Franklin counties (The Tri-cities) posting a median price of $232,400, a 6.9 percent increase over the same period last year. Chelan County (Wenatchee) posted a median price of $264,100, up 5.9 percent from 2016, and Walla Walla posted a median price of $209,800, up 4.4 percent from 2016. Yakima’s median house price was $192,700 up 8.6 percent over last year.

An interesting development within regional house prices was the Olympic peninsula, where the median price in Jefferson County (Port Townsend) was up 19.1 percent on a median price of $353,800 and Clallam County (Port Angeles) was up 13.8 percent on a median price of $256,000.

Statewide, housing affordability was lower in the first quarter of 2017 than both the first and fourth quarters of last year. The index 鈥 where 100 means a middle-income family can just qualify for a median-priced home, given a 20 percent down payment and a 30-year fixed mortgage rate at prevailing rates 鈥 was 124.3, down from 132.7 in the fourth quarter of 2016. This metric suggests that, given the same down payment and mortgage, a middle-income family can afford a home selling for 24.3 percent above the median price.

Statewide, the first-time buyer index dropped of 4.7 points, ending the quarter at 70.4. This index assumes a less expensive home than a typical family home, lower down payment and lower income. Using the assumption that a first time buyer households would earn 70 percent of the area median household income, the index reveals that they had 70.4 percent of the income required to purchase a typical starter home.

With the overall house price increases noted statewide, it is not surprising that the number of building permits has increased as builders respond to increased demand. In the first quarter of 2017, a total of 8,878 building permits were recorded, an increase of 11.1 percent from the first quarter of 2016.

This report is produced by the , the research arm of the Runstad Center, which is part of the UW College of Built Environments. The center produces home sales statistics in partnership with Washington Department of Licensing and the Washington Real Estate Commission. Sales, median home prices and affordability data for all Washington counties are available on the Runstad Center鈥檚 .

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For more information, contact James Young, director of the Washington Center for Real Estate Research, at 206-685-7088 or jyoung4@uw.edu

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State’s housing market strong in third quarter of 2016 /news/2016/11/14/states-housing-market-strong-in-third-quarter-of-2016/ Tue, 15 Nov 2016 00:03:35 +0000 /news/?p=50589 Washington state’s housing market remained strong in the third quarter of 2016. Home sale prices and the number of sales were up, though new building permits were down dramatically compared with a year ago, according to the at the 天美影视传媒.

Runstad_Q3_2016“Prices stayed strong but as a result, affordability continued to be elusive for the average homebuyer in the year’s third quarter, a trend compounded by a drop in permitting activity,” said Peter Orser, Runstad Center interim director.

“Unfortunately, affordability across the state improved only slightly for first-time homebuyers, as improving incomes and low interest rates have helped to mitigate the problem, but their capacity still remains well below the affordable benchmark.

“Affordability for all buyers, first time or otherwise, is most distressed in King County where all indices are well below affordable norms.”

The statewide median sales price for a single family home rose to $305,000 in the year’s third quarter, 4.3 percent higher than the third quarter of 2015, but falling from the all-time high of $317,500 set in the second quarter of 2016.

The seasonally adjusted annual rate of existing home sales rose 10.1 percent from the third quarter of 2015 to 120,420. This means that if the quarter’s pace continued unchanged for a year, that number of homes would be sold. Although robust, the current annual rate of sales is well below its high in 2003.

Home sales rose in all but five of the state’s 39 counties in the third quarter. The biggest increase was 42.3 percent in Chelan County. While King County sales were up 15.1 percent, residential building permits were off 40.6 percent.

Also in the third quarter of 2016:

Home prices statewide: Up 12.5 percent over 2015 in King County to a median price of $552,400, placing it among five highest-priced counties nationwide.

First-time buyer index: Increased from 78.7 to 80.7, with 100 being where a middle-income family earning 70 percent of median income can qualify for a median-priced home, given 20 percent down and a 30-year mortgage.

A “snapshot” of sales, permits, median home prices and affordability data for all Washington counties is available at the Runstad Center’s website.

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For more information, contact Orser at 206-795-7008 or porser@uw.edu.

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Statewide housing market strong in second quarter of 2016 /news/2016/08/24/statewide-housing-market-strong-in-second-quarter-of-2016/ Wed, 24 Aug 2016 22:22:56 +0000 /news/?p=49314 Washington state’s housing market remained strong in the second quarter of 2016. Home sale prices and the number of sales were up, although new building permits were down compared with a year ago, according to the at the 天美影视传媒.

The statewide median sales price for a single family home rose to $317,500 in the second quarter of 2016, 11 percent higher than the second quarter of 2015, breaching the all-time high of $316,700 set in the second quarter of 2007.

Similarly, the seasonally adjusted annual rate of existing home sales rose 3.4 percent from the second quarter of 2015 鈥 to 109,359. This means that if the quarter’s pace continued unchanged for a year, that number of homes would be sold. Although robust, the current annual rate of sales is well below the high in 2003.

Home sales rose in 28 of the state’s 39 counties in the second quarter of 2016. The highest increase in home sales in counties with more than 1,000 sales was in Clallam County at 84.6 percent. Interestingly, King County, the largest in sales volume, was the only county with at least 1,000 sales to show a decrease (-1.8 percent) over this time last year.

Home prices in King County rose a healthy 14 percent over 2015, reaching a median price of $568,400. Jefferson County had the largest price increase overall of 24.3 percent reaching $325,000 for a median priced home. Median prices were lower than a year earlier in seven counties.

Housing affordability for all buyers statewide reversed its recent course and fell slightly in the second quarter. That index 鈥 where 100 means a middle-income family can just qualify for a median-priced home, given a 20 percent down payment and a 30-year fixed mortgage rate at prevailing rates 鈥 was 133.7, down from 143 in 2015, meaning affordability continues to be more and more elusive.

Statewide, the first-time buyer index showed another decrease, of 4.7 points, ending the quarter at 76.3. This index assumes a less expensive home, lower down payment and lower income. It means that a household earning 70 percent of the median household income, as may be true of first-time buyers, had only 76 percent of the income required to purchase a typical starter home statewide.

Affordability remains a challenge in the state’s housing market, compounded by permitting activity that fell from 7,755 new units in the second quarter of 2015 to 6,627 under construction compared with a year ago, a drop of 14.5 percent.

The Runstad Center produces home sales statistics in partnership with Washington Realtors. Each quarterly release coincides with information from the National Association of Realtors regarding median home prices by metropolitan area.

Sales, median home prices and affordability data for all Washington counties are available at the Runstad Center鈥檚听

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For more information, contact Orser, acting director of the Runstad Center, at 206-795-7008 or porser@uw.edu.

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Runstad Center for Real Estate Studies names new permanent director /news/2016/08/08/runstad-center-for-real-estate-studies-names-new-permanent-director/ Mon, 08 Aug 2016 17:16:35 +0000 /news/?p=49036 Simon Stevenson of the United Kingdom’s University of Reading will be the next director of the 天美影视传媒’s . The Runstad Center is part of the UW’s .

Simon Stevenson

Stevenson is a professor of real estate and finance at Reading’s Henley Business School and director of its graduate program in real estate finance. He will begin transitioning to the new position on September 1, and will become full-time at the Runstad Center in January 2017.

A past president of the International Real Estate Society, Stevenson in 2006 received the society’s , given for excellence in research, service to the society and corporate leadership. He is also co-editor of the Journal of Real Estate Portfolio Management, an industry-focused publication of the American Real Estate Society. Stevenson previously held positions at City University London and University College Dublin. After undergraduate work at Liverpool John Moores University, he earned a master of science degree from the University of Stirling and a doctorate from University College Dublin.

Stevenson’s research focuses mainly on public real estate markets, particularly real estate investment trusts and the economics of investment management and housing. He has published over 75 papers in leading real estate and finance journals.

He said he is looking forward to joining the Runstad Center at “an extremely exciting” point in its history.

“I hope that, together with the great team already in position, I can contribute to the continued growth and development of the center and its activities,” Stevenson said. “An added attraction and benefit is Seattle itself. Moving to such a vibrant economy and real estate market听has huge appeal professionally.”

Stevenson succeeds , a Washington real estate executive who has served as interim director for the past year. The last permanent director was Stephen O’Connor, who served in that role from 2012 to 2015.

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For more information about the Runstad Center contact Orser at 206-795-7008 or porser@uw.edu.

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Runstad Center report: Addressing condo construction defect liability may help promote affordable housing in Seattle /news/2016/07/28/runstad-center-report-addressing-condo-construction-defect-liability-may-help-promote-affordable-housing-in-seattle/ Thu, 28 Jul 2016 18:12:53 +0000 /news/?p=48980
The price of a condo soared in Seattle from 2010 to 2015, making them too expensive for most area households. Photo: Runstad Center for Real Estate Studies

A new study from the 天美影视传媒’s suggests that Seattle and Washington state could invite development of more affordable housing by easing the legal risk 鈥 or the appearance of risk 鈥 in condominium development, construction, liability and insurance.

The report, “Incentivizing Condominium Development in Washington State: A Market and Legal Analysis,” was released today (July 28) by the center, which is part of the UW’s .

The Runstad Center undertook the work after the city of Seattle’s July 2015 Housing and Livability Agenda (HALA) suggested Seattle work with the center “to explore options to stimulate the condo development market, including revising the warranty scheme in the ().”

The Runstad Center’s study proceeds from the reality that Seattle is growing rapidly in population and wealth, but that wealth is increasingly concentrated at the top of the income spectrum. Condominium production in Seattle over the last five years has been among the highest of major West Coast cities, but the mean price of a condominium rose 84 percent between 2010 and 2015, making them unaffordable to most area households. Prices far exceed recent increases in household income, and housing supply is not keeping up with demand.

Runstad researcher examined housing and condo availability data for San Francisco, Los Angeles and San Diego, California; as well as Portland, Oregon; Phoenix, Arizona; and Las Vegas, Nevada.

Leon’s study cites a combination of real estate, insurance and market forces contributing to the lack of affordable condos in the Seattle area, as well as geography, land use regulation and state legislation. He adds, though, that soaring prices do not appear to be caused by any one of these factors in isolation.

The pertinent legislation, the Washington State Condominium Act, contains several provisions designed to protect homebuyers, improve construction quality and reduce the cost of resolving disputes over construction defects.

Leon’s study suggests that “to respond to the growing concerns about housing affordability, it may make sense to remove some of the perception of risk and uncertainty” imposed by the act. Toward that end, he suggests:

  • clarifying the nature of a construction defect
  • incentivizing repairs rather than money damages as a remedy;
  • making arbitration mandatory and binding;
  • narrowing the standard of appeal from arbitration decisions, and
  • limiting attorneys’ fees or adjusting them to a knowable schedule.

There is enough economic incentive for developers to build condos in Seattle’s downtown core, the report states, because that location allows larger buildings that bring higher prices. “Because the potential economic returns of this type of large-scale development offsets the higher costs and any actual or perceived risks, the market has seen a preponderance of this higher end product.”

Peter Orser, Runstad Center director, said that if built in sufficient numbers and at less than high-rise densities, condos could provide an attractive option, “potentially affordable to families earning the median household income.”

But for the market to be incentivized to build smaller-scale and more affordable condos without public subsidy, the report concludes, “the opportunity must offset the greater perceived risks.

“Lowering the regulatory costs and construction costs are subjects for another study.听However, it is clear that insurance costs and the risk of litigation are factors that, if mitigated, can contribute to tipping the scale toward the delivery of more affordable for-sale condominium product, as there is clearly a very strong demand.”

Leon’s report also notes that the HALA report and the Washington Condominium Act provide for a home warranty insurance program similar to British Columbia, where condominium development exceeds all the cities studied in the paper.

The research was funded by the Washington State Department of Licensing, the state agency that licenses the state’s 30,000 commercial and residential brokers and real estate agents.

Orser said additional research along these lines might include more study of other cities and states to determine best practices in condominium construction, insurance, financing and legal liability.

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For more information, contact Orser at 206-795-7008 or porser@uw.edu

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