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.
Local journalism is essential.
Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.
Subscribe to the Coronavirus newsletter
Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.