September 11, 2013 in Business

Spokane home sales lose streak, stay hot

By The Spokesman-Review
 

August home sales in Spokane County slipped 8 percent from July, a drop the Spokane Association of Realtors said wasn’t surprising.

The 565 homes sold in August followed July’s sizzling one-month total of 614, one of the strongest months in the past five years, said Rob Higgins, the association executive officer.

“The number of home sales in July was an outstanding performance,” Higgins said.

Despite the drop in sales, average home prices held steady at roughly $187,900, Higgins said. Spokane’s median sales price in August rose 1.6 percent, to $170,500.

Year over year, the August numbers were an improvement. In August 2012, 458 homes sold in Spokane, 23 percent fewer than last month.

And so far this year, Spokane home sales for the first eight months of 2013 are up 24 percent over the the first eight months of 2012.

There were no geographic areas of the county showing stronger-than-average activity, Higgins said. “But in terms of prices, the sweet spot seems to be homes selling $150,000 and $250,000,” he added.

Higgins said relatively low interest rates continue to encourage owners to put homes on the market. The number of Spokane homes listed for sale in August was 2,905, 2.5 percent higher than in August 2012.

“That’s a sign more people realize they’re no longer underwater with their homes. They’re deciding they want to sell now while they can,” Higgins said.


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