June Spokane Home Sales Continue Trend Of Decline
FOR THE RECORD CORRECTION: The number of homes sold in Spokane County from January to June 1995 is 2,082. In the same period last year, 2,859 homes were sold. A graphic in Tuesday’s business section stated otherwise. Correction published on July 13, 1995.
Home sales dropped 17 percent in June compared with last year. That’s bad news for the local economy, which appears to be slowing down after five years of rapid growth.
But it’s good news for potential home buyers, who may get a better price as sales slow down.
Spokane County listed virtually the same number of homes in June ‘95 as of June ‘94, according to statistics from the Spokane Association of Realtors. But prices have stabilized and interest rates have dropped, making houses more affordable.
“The broad selection of homes on the market coupled with very low interest rates currently available makes this a very good time for home buyers,” said Bev Gates, SAR president.
June was the sixth consecutive month in which fewer homes sold than last year. June ‘95 sales totaled 487 vs. 585 in June ‘94. Total June sales volume of $55.5 million lagged $8.7 million behind June ‘94.
The housing market was one of the primary catalysts for the region’s economic growth. As it slows down, other businesses are affected. The city of Spokane reported a decline of about 1 percent in sales tax receipts for the first half of 1995 over the first half of 1994.
The number of homes sold from January to June this year was 2,082. The same period last year saw 2,859 homes sold. Total residential volume dropped 34 percent, from $306 million in 1994 to $228 million in 1995.
The average price of a home in Spokane County year-to-date was $109,525, compared with $107,119 for the first half of 1994. Average market time for 1995 sales was 83 days, compared with 68 days last year.
The South Hill remains the most expensive area to buy a home, with the Valley second.
, DataTimes ILLUSTRATION: Graphic: Home sales