Spokane County home sales dipped 7.7% in November

Although home sales dropped in November from a year ago, it remains a seller’s market in Spokane County with low inventory and rising prices.

County home sales were down 7.7% last month compared with November 2018, according to data from the Spokane Association of Realtors.

More than 615 single-family homes and condos on less than 1 acre sold in November, compared with 666 homes at the same time last year, according to the association.

The median closing price in Spokane County increased 10.4% in November to $265,000, compared with $240,000 in November 2018.

Housing inventory remained low in November with a supply of 757 properties on the market, representing a 1.2-month supply. A healthy housing market typically contains six months of supply.

Rob Higgins, Spokane Association of Realtors executive director, told The Spokesman-Review last month that low housing inventory in Spokane County could be “the new normal.”

Inventory has remained at a 1.2-month supply since September, according to Realtors association data.