//Spokane-area home prices rose 12% in 2018

Spokane-area home prices rose 12% in 2018

Spokane, Wash.-area home prices rose in 2018 as a strong seller’s market persisted.

Demand for single-family homes outpaced supply, often leading to multiple offers on homes and escalating prices.

Spokane, Wash.

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The average sales price for a house in Spokane County was $255,931 last year, according to the Spokane Association of Realtors. That’s a gain of nearly 12% from 2017’s average price of $228,701.

The median sales price also rose 12%, to $235,000 from $210,000.

Inventories of homes for sale were down 21% in 2018 compared to the prior year. At the end December, there were 798 homes for sale.

The number of homes sold rose 1%. According to the Spokane Realtors Association, 8,212 single-family homes and condos were sold last year.

Tribune Content Agency