Spokane County experienced a drop in single-family home and condominium sales in May, which is typically when the housing market heats up.
Home sales declined more than 10% compared to May 2018, according to data from the Spokane Association of Realtors.
The median closing price in Spokane County was up more than 9% in May at $262,550, compared to $240,000 in May 2018.
Association Executive Officer Rob Higgins attributed Spokane County’s housing market cool down in May to low inventory and strong housing demand.
“There’s just not enough houses on the market,” he said. “So, that drives the prices up.”
More than 681 single-family homes and condominiums on less than 1 acre sold last month, compared with 762 homes in May 2018, according to the Spokane Association of Realtors.
Inventory decreased more than 12 percent over May 2018, with 1,219 properties on the market last month, representing a 1.9 month supply. A balanced housing market typically contains a six-month supply.
A national survey in April ranked Spokane as the third-hottest housing market out of 300 cities nationwide. The survey measured listing views by property and the average amount of time a home remained on the market.
“This is one of the hot spots in the country as far as the real estate market right now, with appreciation in values,” he said. “That’s because of lack of inventory.”
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