Jun. 8—Spokane County's median home price showed little signs of slowing in May as it reached another all-time high —
The median closing price last month was 29.5% greater than the
Real estate agents say the upward surge of area home prices likely will continue as long as interest rates remain low and buyer demand continues to outpace housing supply.
“I personally think it's going to be tied to interest rates and what happens over the next six months,” said
“I would have never predicted these sort of prices in
The median existing home price nationwide for all housing types in April was
Some 686 single-family homes and condos on less than 1 acre sold in May, compared to 501 in
That number reflects sales that went under contract in April. The increase in sales this year is likely because more sellers are listing homes amid fewer coronavirus restrictions, Higgins said.
It's still feasible for buyers to enter the
A two-person household each making
It could be a challenge for buyers making less.
“For people that are low-income, it's becoming a burden — there's no doubt about it,” Johnson said. “Because the only way to get around it is to supply the market with (housing) units.”
Last month was one of the best on record for homes going under contract in
“The total number of listings counted in May came in lower than we would normally see due to the month starting on a Saturday and ending with a holiday weekend,” the report said. “The next three months will be critical for homebuyers as we see an elevated level of new resale listings before the fall market.”
A bright spot in
“We are seeing more inventory hit the market as we begin June,” he said.
It's typical for buyers to compete against as many as a dozen offers for homes priced below
“It's kind of one of those deals where the market is adjusting to the post-COVID environment, and part of the slowdown we've seen the last few weeks is people are wanting to go out have fun as (COVID) restrictions are lifted,” he said.
Olsen acknowledged it's a difficult and frustrating real estate market but advised buyers to be open to understanding market dynamics and be flexible in their approach to buying a property.
“For first-time homebuyers, I try to encourage them all the time to work with a lender right away to make sure they have their ducks in a row,” he said. “Let's face it — stress is caused when you don't know what's going to happen.
“If you are well-prepared, then it won't be nearly as stressful to stay in the game and try to find a home in the longer term.”
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