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Housing sales plunge in October

Home sales plunged 40 percent in October compared with the same month last year, when a federal income tax credit boosted sales.

The Spokane Association of Realtors reported 304 sales, down from 509 in October 2009, and 317 in September.

Average and median prices were up substantially, to $189,541 and $166,250, respectively.

The tax credits targeted at first-time home buyers tended to increase the sale of lower-priced homes. Originally scheduled to expire Nov. 1, 2009, they were extended through the end of April.

So far in 2010, 3,634 homes and condominiums have been sold, down six percent from the first 10 months of 2009.

There were 3,179 homes of sale as of Nov. 3.


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The Spokesman-Review business team follows economic development in Spokane and the Inland Northwest.

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