April 10, 2009 in City

Prices on Spokane homes inch upward

By The Spokesman-Review
 

Average and median prices for homes sold in Spokane County last month crept above prior-year levels for the first time since last June, Spokane Association of Realtors Executive Officer Rob Higgins said Friday.

The number of homes sold continues to trail last year’s pace, he said, but if the volume keeps growing month over month as it has so far this year, April could be the first month in some time that number is higher, as well.

“Signs are positive,” Higgins said.

In March, 326 homes sold at an average price of $200,229. The median price was $176,200.

The average price in March 2008, when 382 homes sold, was $196,456, and the median was $175,875.

If February, 194 homes sold. Only 117 sold in January, when weather made travel difficult.

The inventory of homes for sale fell to 2,687 as of April 4, down from 3,044 a year ago.

Higgins said an association poll of its members found that 60 percent said they are busy, 20 percent very busy, with only 10 percent saying activity was slower.

Record-low mortgage rates and an $8,000 tax credit for first-time homebuyers and those who have not owned a home in three years has perked up buyer interest, he said.

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