June 8, 2011 in Business

Home sales continue climb

By The Spokesman-Review
 

Spokane County home sales increased for the fourth consecutive month in May, but prices remain below year-ago levels.

The Spokane Association of Realtors reported 382 closed sales for the month, compared with 332 in April.

In May 2010, the association reported 520 closed sales, a number inflated by a tax credit for first-time buyers and some others re-entering the housing market.

Sales written up in April qualified for the $8,000 credit even if they did not close until September, noted association President Rob Higgins.

The lingering effects of the credit will distort year-over-year comparisons for another few months, he said, but there has been a steady increase in sales volume since January, when only 184 homes sold.

Higgins said he expects the comparisons with 2010 months to become ever more favorable as the last of the sales eligible for the tax credit wash out.

“At least we’re making progress,” he said.

The average sales price was $164,282, off 9 percent compared with May 2010 and 1.5 percent from April.

The median price was $149,950, down 7 percent from last May and 2 percent from April.

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