Closed residential sales reported for the month of May total 519. This total is the eighth consecutive month that sales surpassed the sales from the same month a year ago. Sales are up 32.7% over May last year when there was 391 reported sales. The average sales price for May was $180,523 and the median sales price was $160,747. Year to date residential sales of single family homes on less than one acre including condos are up 33.1% over last year. The average sales price so far this year is $178,997 down 7.8% compared to last year and the median sales price so far this year remains at $160,000 which is down 5.9% compared to last year. The current inventory is down 3.2% compared to last month. Current inventory as of this report totals 3,304 which is up 4.6% compared to last year at this time. New construction sales fell slightly this month compared to last month, but new construction sales were up significantly over the 36 sales reported for May in 2009. Source: Spokane Association of Realtors
So, while we have experiened a slight decrease in home values over the past months, home sales picked up probably due to the tax credits. Because of incredible interest rates, people should still give strong consideration to purchasing a home.