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Wednesday, October 23, 2019  Spokane, Washington  Est. May 19, 1883
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News >  Business

Spokane County home sales drop year over year amid rising prices and low inventory

UPDATED: Thu., Aug. 8, 2019, 5:59 p.m.

While the number of home sales in Spokane County dropped slightly in July, low inventory and high demand continued to push prices up.

Home sales declined by 5.5% compared to July 2018, according to data from the Spokane Association of Realtors.

More than 850 single-family homes and condominiums on less than 1 acre sold last month, down from 899 homes in July 2018, according to the Realtors association.

The median closing price was up 14.9% in July 2019 at $270,000, compared to $235,000 in July 2018.

Inventory decreased more than 2.7% compared with July 2018, with 1,428 properties on the market last month, representing a 1.7-month supply. A healthy housing market contains a six-month supply.

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