August 10, 2010 in Business

Home sales off sharply in Spokane County in July

By The Spokesman-Review
 

Spokane County home sales tumbled in July, but prices slipped only slightly from year-ago levels, according to the Spokane Association of Realtors.

A total of 347 homes sold during the month, off 36 percent from July 2009 and 31 percent from June, when the last of the sales prompted by an $8,000 federal income tax credit closed. The credit expired April 30.

The July retreat broke a nine-month string of year-over-year sales increases.

Median and average prices sagged to $170,000 and $191,074, respectively, down 3.4 percent and 1.7 percent from July 2009.

The 321 pending sales for July also fell significantly compared with July 2009, which tracks a national downturn that Lawrence Yun, chief economist for the National Association of Realtors, said he expects to continue until later in the year.

Although inventories of unsold homes remain high, Yun said prices are stabilizing, or even improving in some harder-hit markets.

In Spokane, 3,500 homes were listed as of Aug. 4, a 10-month inventory at the July rate of sales.


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