Housing Market Cools Considerably
The state housing market in the fourth quarter of 1994 cooled considerably from the previous year due to higher mortgage interest rates, according to the Washington Center for Real Estate Research.
Statewide, 21,490 homes were sold during the quarter, 18.6 percent below that period for 1993. Virtually all parts of the state, including Spokane County, experienced slower sales, according to a report in the association’s spring newsletter.
Permits for new construction also were depressed. Total housing construction and new single-family home building fell about the same degree as resale housing markets - about 19 percent.
Washington housing remained costly, the study concluded. The median home price in the fourth quarter of 1994 compared to 1993 declined in only five counties.
Prices ranged from a median of $174,000 in San Juan County to $56,000 in Pacific County. Spokane County figured at $97,400.
Despite a weak fourth quarter, 1994 was a strong year overall with nearly 98,000 homes sold.