November 11, 2005 in Business

Spokane County home sales pass $1 billion with two months to spare

Associated Press
 

In November 2004, Spokane County home sales broke the $1 billion mark for the first time with a month still remaining in the year.

This year, in another indicator that home sales will thrash last year’s record-setting pace, the $1 billion mark was broken with the sales that closed in October. Through the end of last month, the total dollar volume generated by residential real estate was $1.13 billion, up from $924 million through October 2004.

Some 774 home sales closed in October, the highest number for that month in recent memory, the Spokane County Association of Realtors reported. Sales were up 2.2 percent over September of this year and up 13.6 percent over October of last year.

The average sales price dropped slightly from September’s $179,194 to $178,214 in October, the association reported. However, the average sales price for October was up 15 percent over last October. The median prices showed similar trends.

For the year, sales are up almost 6 percent over last year and the average sales price is up 15 percent.

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