Spokane County home sales spiked in October, marking the second month in a row for year-over-year sales increases since 2018.
Home sales were up 22.8% compared to October 2018, according to data from the Spokane Association of Realtors.
More than 846 single-family homes and condominiums on less than 1 acre sold last month, up from 689 homes in October 2018, according to the Realtors association.
Spokane Association of Realtors Executive Officer Rob Higgins said housing numbers from last month reflect closed sales on homes purchased in August and September.
Spokane experienced several days of unhealthy air due to wildfire smoke in August 2018, which may have led to a decrease in home sales last fall, Higgins said.
“I think that episode had a significant impact on the market,” he said.
He added employment growth and lower interest rates may also have contributed to more home sales in October 2019, compared to a year prior.
Inventory remained steady in October, with 945 properties on the market, representing a 1.2-month supply. A healthy market typically contains a six-month supply of homes.
Ken Sax, designated broker at Keller Williams Realty, anticipates housing inventory in Spokane County to hold steady for the next year.
“As quickly as they are putting new product out, it’s getting bought,” he said. “I don’t think they can outpace the demand. So, in the short term, I see it being rather steady.”
Higgins echoed that inventory remains very tight, which could be the “new normal” in the Spokane market.
The median closing price in Spokane County was up in October at $265,000, compared to $240,000 in October 2018.
Spokane’s median housing price remains below the national median single-family home price of $280,200.
Sax said he expects Spokane County home prices to remain fairly steady into next year.
“We might see a slight increase in prices, but nothing that’s going to be earth-shattering,” he said.
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