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Spokane-Area Home Market Losing Steam

The Spokane-area housing industry continued to slow down in March, with the value of residential building permits dropping about 50 percent compared with a year earlier.

The value of permits for construction of residential homes in the city and county of Spokane has declined for six straight months compared with the previous year. The city granted 21 residential building permits worth a total of $3.1 million.

A total of 63 non-residential permits were issued for projects worth $5.1 million, the largest total since December, and more than double last March’s total. But the value of non-residential construction varies widely from month to month because of the impact one large permit can have on totals.

Home sales also have slowed in recent months.

But Realtors and local economic observers say the housing industry remains healthy.