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Spokane home sales improve in February

Home sales in Spokane County improved in February for the fifth consecutive month, according to the Spokane Association of Realtors.

Buyers closed on 210 homes, up from 177 in January and 193 in February 2009. The improvement in pending sales was better still, 351, compared with 227 in January and 269 a year earlier.

But the increase in sales did not reverse an erosion in prices. The average of $169,936 was off from the $175,605 of January and $196,832 of February. The median price also fell, to $157,500 from $160,000 in January and $171,000 a year ago.

The increased sales volume also did not translate into a reduction in inventory. There were 2,953 homes on the market March 3, compared with 2,828 at the end of January. In February 2009, the total was 2,626.

So far in 2010, 40 new homes have sold, down from 60 for January and February of 2009.