May home sales in Spokane reach 749

Single-family residence sales on less than 1 acre as reported by the Spokane Association of REALTORS® Multiple Listing Service showed a marked increase for May compared to April sales. Closed sales totaled 749 compared to 548 for April.

Average and median prices reflect a leveling off trend as the average price of a home in May was $168,328 and the median price was $165,000. April’s average and median prices were $187,363 and $164,950, respectively.

Year-to-date home sales in Spokane were down 2.2 percent when compared to the first five months of 2005. However, average and median sales prices for the first five months of this year were $165,902 and $165,800, which are up 21.1 percent and 22.8 percent, respectively, over the same period in 2005.

New home sales reported to the SAR MLS are up over April and on a year-to-date basis are up 22.6 percent.

The number of homes for sale has shown a significant increase over 2005 and now totals are close to 2,000 residential listings.