WASHINGTON STATE

Washington State House Democrats

HOUSE DEMOCRATS

Strong housing market means revenue growth for state

​In what comes as good news for the state budget, the housing market continues to show strength across Washington, according to a report this week from the Northwest Multiple Listing Service.

Comparing July 2013 to July 2012, the report said that prices and sales volume both were higher this year, while listed homes are selling quickly.OLYMPUS DIGITAL CAMERA

The housing industry is a key component of the state economy and generates significant government revenue through sales taxes on construction activity and excise taxes on home sales.

You can read more about the housing market and its effect on revenue in two recent reports from the state Economic and Revenue Forecast Council: The June 2013 economic and revenue forecast, and the July 2013 update.