HUD will tell ‘positive story’ of Spokane
Spokane is among a few metropolitan areas being profiled in the U. S. Department of Housing and Urban Development’s quarterly report.
The U.S. Housing Market Conditions report will feature profiles of cities representing 10 regions throughout the country.
Spokane’s story will be posted on the HUD User Web site sometime in the next month and highlight the area’s housing market, said Sondra King, the Columbus, Ohio, HUD economist writing the article.
“Spokane has a positive story. You have population growth, and you have good job growth going on,” King said.
Spokane County added 10,200 jobs from October 2005 to October 2006 — representing a 4.5 percent gain. From 2004 to 2006, the area’s two-year appreciation rate for real estate rose by more than 30 percent.
While many area residents lament record price increases that make it tough to enter or upsize in the market, King said the area remains relatively affordable when compared to many other cities. In 2006, Spokane County’s median home price was $184,100, while the national median home price was $222,000.
King said the HUD report typically profiles large cities, such as Los Angeles, Dallas and Boston. But Spokane stood out as having a brisk but affordable housing market, which is opposite from the “burst” that some areas are facing.
King’s hometown of Columbus, Ohio, has experienced growth in new construction, but older homes sit on the market because there hasn’t been an increase in jobs to bolster the population, she said.
In the past few years, positive publicity has put Spokane on the map throughout the country. The city has turned up in magazine articles featuring lists of best places to live and do business. Recently, Forbes magazine ranked Spokane 20th as one of the best places for business and careers in the country.
HUD’s quarterly report will reach a national audience that includes company analysts, bankers, investors, Realtors and social workers.
Other articles mentioning Spokane have focused on the economy and job growth, but the HUD story will highlight the area’s affordable housing market, said Jeff Zahir, regional labor economist for Washington’s Employment Security Division.
The different twist on Spokane and the audience the HUD story reaches could translate into more companies moving into the area, bringing jobs along, he said.
“We do have some competitive advantages when compared with other cities,” Zahir said.
King is incorporating information from “The Real Estate Report,” into her report. The book is published annually by the Spokane-Kootenai Real Estate Research Committee and is a collaborative effort that provides in-depth market data.
The facts included in the report aren’t typically available in one comprehensive source, King said.
“The regional cooperation that you guys seem to have is phenomenal.”