Home sales and prices up, inventory down in Spokane County

Spokane-area home prices continued to rise in March as the number of homes for sale remained fairly limited.

The average selling price of $220,984 was up 8.1 percent from one year ago, and the median price of $204,900 was up 9.3 percent from March 2016, the Spokane Association of Realtors said in a report released Friday.

The group reported 555 homes sales for the month, an increase of 11.7 percent from one year ago.

The inventory of single-family homes for sale is down almost 28 percent since March 2016. Listings in March totaled 1,268 properties, which represents a supply of 2.3 months, the association said.

Distressed home sales accounted for 12.3 percent of sales last month.