Housing Market Weakens

Spokane’s housing market is struggling to keep pace with last year in the race for homes sold. A weak showing in October didn’t help.

Although the amount of money generated by home sales still beats 1995 by about $8 million, eight fewer homes were sold so far this year than last. The number of homes sold topped 1995 until last month.

Home sales dropped 12 percent last month, compared to October 1995. Some 407 homes were sold, compared with 465 a year ago. October’s sales volume also dropped 12 percent, from $51.4 million in 1995 to $44.8 million last month.

Though it’s a buyers market with lots of inventory and low interest rates, Realtors wonder why the numbers aren’t higher.

“We have to go back to the question of why people aren’t buying when it’s such a good market,” said Sandy Alderman, an associate broker at Coldwell Banker Corrado Realty.

Some Realtors attribute the slow-down to the election. Buyers may have been wondering what a new administration would do to interest rates, they say.

“I think it was just general consumer confidence,” said Bruce Hardie, of Coldwell Banker Grand.

October sales figures are representative of buying activity in late August and September. Though Realtors acknowledge that sales activity was low in August, they expect things to pick up with home closings in November and December, finishing the year on pace with 1995.

“I was incredibly busy in October,” said Linda Besse, an associate broker with Prudential Crane Realty in the Spokane Valley. “I had four listings sell.”

Indeed, the Valley continued its strong pace. Though more homes were sold in northwest Spokane than any other area, the Valley topped the list of new homes sold with 22 out of 93 sales.

The most expensive homes were sold on the South Hill, with an average price of $131,032.

, DataTimes ILLUSTRATION: Graphic: Home sales