July 10, 2009 in Business

Home prices, sales saw gains in June

By The Spokesman-Review
 

Home prices in Spokane County last month reached their highest level so far this year, according to figures released Thursday by the Spokane Association of Realtors.

After weakening in April and May, the median home price in June rose to $177,500, slightly higher than the March peak of $177,375. The median tumbled to $165,500 in May.

The average price also climbed, to $192,970, from $181,677 in May.

Despite the increases, the median price remains 8 percent below June 2008. The average price is off 11 percent.

The association reported 500 closed sales, up 28 percent from May.

“Historically, we have an increase from May to June, but I can’t recall seeing one like this,” said association Executive Vice President Rob Higgins.

And the 519 pending sales exceed the 517 of last June, probably the first time in more than a year there was a positive year-over-year comparison, he said.

“If that continues for the next few months, that would be great,” Higgins said.

The 60 new homes sold in June were the most so far in 2009, and lifted the total for the first six months of the year to 254, compared with 394 during the first half of 2008.

Closed sales so far in 2009 stand at 1,859, down 23 percent from 2,407 for the same period in 2008.

The average price declined 6 percent compared with 2008, to $193,888. The median was off 5.8 percent, at $173,500.

The National Association of Realtors will report sales of existing homes July 23.


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