March 9, 2013 in Business

Real estate market showing signs of rebound

Spokane home sales, prices have both climbed in 2013
By The Spokesman-Review
 

Home sales and prices continue to climb across the Spokane region as real estate groups say the housing market is rebounding.

The number of homes sold so far in 2013 jumped 13 percent compared to the same period a year ago.

And Spokane’s average home sale price is up 10 percent compared to a year ago.

“Together, those two numbers are helping brokers feel good, that the market is coming back,” said Rob Higgins, executive officer of the Spokane Association of Realtors.

“It also has an effect on the perception of people” who are waiting before buying a home, Higgins said. “A faster-percolating housing market tells cautious would-be buyers not to wait much longer.

“That’s what brokers are hoping, anyway, that buyers start coming out, finally deciding to buy,” Higgins added.

New single-family home sales for February also suggest that low interest rates and a dwindling inventory are combining to boost that category.

There were 46 new homes sold across Spokane County in February for an average price of $262,767.

In February 2012 there were 27 new homes sold at an average price of $216,996.

In North Idaho, Kim Cooper, with the Coeur d’Alene Association of Realtors, reported similar activity.

New homes accounted for 16 percent of sales in Kootenai County during January and February.

A year earlier, new homes accounted for 9 percent of home sales. Cooper’s group does not calculate monthly data, instead using year-to-date totals.

For 2013’s first two months, Coeur d’Alene’s average sale price increased 4 percent from 2012, from $186,435 to $192,990, Cooper said.

Post Falls saw 14 percent growth, from $140,894 a year ago to $160,514 this year.

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