Housing markets have cooled off in parts of the West Coast, but home prices continue to rise in Spokane County, where inventory remains tight.
February’s home prices were about $30,000 higher than they were a year ago, according to the Spokane Association of Realtors.
The average sales price was $260,469 in February, up 12.5 percent from $231,497 in February 2018.
The median sales price was $239,900, a 14.1 percent increase from $210,200 a year ago.
Higher interest rates last year slowed home sales in other regions, but the Spokane-area market continues to be a sellers’ market, particularly for homes priced at $300,000 and less.
Inventories of homes for sale have dropped nearly 15 percent from a year ago, according to the Spokane Association of Realtors. Currently, 788 condos and single-family homes on less than 1 acre are for sale in Spokane County.
That represents a two-month supply of homes for sale. A balanced housing market – where neither buyers nor sellers have an upper hand – requires four to six months of inventory, the Realtors association said.
The number of homes sold remained steady in February. A total of 401 properties changed hands during the month, nearly unchanged from 403 properties sold during February 2018.
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