Spokane County home sales up 12.3 percent

Despite mortgage interest rates that have inched up from their record lows and home prices that are going the same direction, home sales in Spokane County rose 12.3 percent in the second quarter of 2004, compared with the same quarter last year.

That rate was slightly below the statewide average of 15 percent, according to the Washington Center for Real Estate Research at Washington State University.

The median home price in Spokane County for the second quarter was $127,100, up 8.4 percent from last year. Statewide, the median price reached a record level of $223,700, 11.7 percent higher than this time last year.

“With price increases much higher than inflation, it’s no surprise housing is becoming less affordable,” said Glenn Crellin, the center’s director.

Seven Washington state counties now have median prices of at least $200,000, which highlights how “enormously affordable” Spokane’s prices still are, despite the increases, Crellin said.

In terms of new residential construction, 716 building permits were issued in Spokane County during the second quarter, the center reported. That’s up 47 percent from the same time last year. Single-family construction in the county was up 37.7 percent.

Crellin said more building permits for apartment buildings were issued here, relative to the rest of the state. And, consistent with that data, apartment vacancy rates were lower here than on the west side of the state, Crellin said.