ADVERTISEMENT
Advertise Here

Office Hours

Posts tagged: real estate

Spokane homes sales slow in July

Spokane County homes sales tumbled in July, but prices slipped only slightly from year-ago levels, according to the Spokane Association of Realtors.

A total 347 homes sold during the month, off 36 percent from July 2009 and 31 percent from June, when the last of the sales prompted by an $8,000 federal income tax credit closed. The credit expired April 30.

The July retreat broke a nine-month string of year-over-year sales increases.

Median and average prices sagged to $170,000 and $191,074, respectively, down 3.4 percent and 1.7 percent from July 2009.

The 321 pending sales for July also fell significantly compared with July 2009, which tracks a national downturn Lawrence Yun, chief economist for the National Association of Realtors, said he expects to continue until later in the year.

Although inventories of unsold homes remain high, Yun said prices are stabilizing, or even improving in some harder-hit markets.

In Spokane, 3,500 homes were listed as of Aug. 4, a 10-month inventory at the July rate of sales.

Spokane home sale prices up from May

Home sales in Spokane County dipped slightly in the past month but remain near levels seen a year ago.

The average sales price in June was up from May but lower than one year ago, the Spokane Association of Realtors reported today.

Closed sales totaled 506 in June, down from 519 in May. In June 2009, there were 501 closed sales in the county.

The average sales price in June was $190,308, up from $180,523. A year ago, the average sales price was $193.164.

Closed residential sales in the first half of the year are up 24.5 percent from the same period in 2009.

The number of homes and condominiums for sale grew in June to 3,406. That’s up by 102 properties from May. A year ago, 3,282 homes and condos were on the market.

Realtors report burst of home sales in first quarter

Realtors today reported a burst of home sales in Spokane County during the first three months of the year.

Residential sales of single-family homes and condos on less than an acre were up 23.2 percent over the first quarter of 2009, according to the Spokane Association of Realtors.

The group reported 790 closed sales during the January-March period, up from 641 a year ago.

The pickup in sales corresponds with a surge in interest among homebuyers taking advantage of a federal homebuyer tax credit. The popular tax credit, which expires April 30, has benefited millions of first-time and move-up buyers purchasing new homes.

Another reason for rising sales may be falling prices. The median price of Spokane County homes sold in the first quarter was nearly $160,000, which is $15,000 less than homes sold in the first three months of 2009. Realtors say first-time homebuyers are drawn to those prices.

The average sales price in the first quarter was $177,480, down from $200,125 in 2009.

More homes were listed for sale in the first quarter: 2,897 versus 2,138 in the first three months of 2009.

Get blog updates by email

About this blog

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

Sign up for our business email newsletter
Latest comments »

Read all the posts from recent conversations on Office Hours.

Contributors

Alison Boggs (@alisonboggs) Online Producer Alison Boggs posts and manages content on spokesman.com and its social networking accounts.

Recent work by Alison

Scott Maben Scott Maben is a Deputy City Editor who covers North Idaho news and higher education.

Addy Hatch is the city editor, and formerly was business editor.

Search this blog
Subscribe to this blog
ADVERTISEMENT
Advertise Here