Spokane Rooter
The Spokane housing market is undergoing significant changes, as highlighted by the latest June sales report which notes a dramatic 15% drop in home sales compared to the same month last year. With a total of 532 homes sold through the Spokane Multiple Listing Service, this figure is a noticeable decline from the 624 homes sold in June 2022 and down from 565 sales in May
2023. This downward trend points to a continuing decline in sales activity in the region. While sales are decreasing, the inventory of available homes is experiencing a robust upswing, with a remarkable year-over-year increase of over 30%. Today, there are nearly 1,260 homes listed for sale, equivalent to a
2.4-month supply, a significant rise from just a
1.5-month supply a year prior. This shift in supply indicates a gradual transition towards a balanced market, though inventory levels still remain historically low.
Key Takeaways
- Spokane home sales dropped nearly 15% in June compared to the previous year, with 532 homes sold.
- The inventory of homes for sale surged over 30% year-over-year, resulting in a
2.4-month supply. - Despite recent declines, year-to-date sales only reflect a slight decrease, and median home prices have risen by
1.5%.
Overview of Sales Trends in Spokane
## Overview of Sales Trends in Spokane
The Spokane real estate market has experienced noteworthy shifts as it enters a new phase of activity. In June, home sales saw a significant decline of nearly 15% compared to the same month last year, with only 532 homes sold via the Spokane Multiple Listing Service, down from 624 in June 2022 and 565 in May
2023. This decrease reflects a broader trend of diminishing sales momentum. Meanwhile, the inventory of homes for sale surged by over 30% year-over-year, resulting in nearly 1,260 homes listed on the market. This increase translates to a
2.4-month supply of homes available, up from just a
1.5-month supply a year ago, indicating a shift towards a more balanced market dynamic, even though inventory levels are still classified as historically low. Local Realtor Marianne Bornhoft reflects on these market changes as an indication of a healthy adjustment following the pandemic’s rapid price escalations and tight inventory constraints. Factors such as heightened mortgage rates and ongoing inflationary pressures are contributing to challenges in affordability for buyers. Notably, while June’s sales figures starkly illustrate the market’s decline, year-to-date performance reveals a comparatively modest decrease of approximately
1.4% from the same period last year, with 2,700 homes sold in total. Furthermore, the median home price has only risen slightly by
1.5% year-to-date, standing at $415,000, indicating resilience amidst broader market shifts. As Spokane navigates these transformations, stakeholders can expect further evolution in real estate activity.
Impact of Inventory Changes on the Housing Market
As the Spokane housing market continues to evolve, the ripple effects of changing inventory levels are becoming increasingly evident. The 30% year-over-year increase in homes for sale signals a shift towards a more balanced market, an essential transition after a period characterized by scarcity and soaring prices. With a current supply sitting at
2.4 months, up from
1.5 months a year prior, buyers may find themselves with more choices at their fingertips, which could significantly influence pricing strategies. While affordability remains a pressing concern due to high mortgage rates and inflation, the modest increase in median home prices illustrates that the market still possesses inherent value. These dynamics highlight an important intersection; as inventory levels rise and conditions become more favorable for buyers, real estate professionals can adapt their strategies to capitalize on evolving consumer preferences. The Spokane market is not just experiencing a downturn but a transformation that could foster renewed stability and growth in the future.
