September 8, 2012 in Business

Home sales rise, but median price slips a bit

By The Spokesman-Review
 

Spokane’s August home sales were up and down: up in total number of homes sold compared with July this year and with August 2011, but down in average and median home sale prices.

There were 455 sales of single-family homes and condominiums in August, more than the 435 sales in July and the 392 sales in August 2011, according to the Spokane Association of Realtors.

The number of homes on the market in August also increased, up from 2,825 in July to 2,834 in August. There were 3,128 homes on the market in August a year ago.

August’s slight increase in homes on the market likely reflects additional listings as owners are willing to test the market, said Rob Higgins, the association’s executive vice president.

The notable August downward slide was the 1.4 percent drop in median sale price. In August it was $167,500, compared with $170,000 in July. Yet that’s higher than the median price of $153,000 in August 2011.

The average Spokane home sale price in August was $183,933, down about 2.3 percent from July.

Higgins said another positive is the 11.6 percent increase in homes sold in the county for the first eight months of 2012.

Since January, Kootenai County has seen 4 percent more home sales than the same period a year ago, said Kim Cooper, a spokesman for the Coeur d’Alene Realtors Association. So far that’s been 1,119 homes sold.

The Kootenai County average and median home sale prices are both up 5 percent over the year to date, coming in at $181,000 and $154,800 respectively, Cooper said.


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