Spokane area home prices continue ascent

Average home prices in the Spokane area continue to rise, reflecting demand for homes and a declining inventory.

The average sales price for a home was $237,544 during March, the Spokane Association of Realtors reported Friday. The average price rose about $17,000 from March 2017, when the average price was $220,466.

The median sales price was $219,000 in March, a gain of about $14,000 compared to the median sales price of $204,700 a year ago.

A total of 602 single-family homes and condos on less than 1 acre sold in March. Total sales rose about 7 percent from March 2017, when 561 properties sold.

About 1,018 single-family homes are on the market in the Spokane area, according to the Realtors association. Inventories of homes for sale are down about 20 percent compared to a year ago.