The statistics are out for the Spokane Association of Realtors for Feb. 2023, reflecting year over year. Feb 2023 vs. Feb 2022.
Prices are down considerably from the peak of the market last May 2022 when the median home price was 450K, now it is 375K.
The increase in interest rates, coupled with this marked drop in prices makes a more even playing field for sellers and buyers, and the results are less total number of transactions, while consumers are navigating these changes. Spokane has seen this drastic decline in prices because our home prices escalated so much in the 3 years prior, due to large numbers of people relocating here, and Covid conditions (virtual buyers).
There is still a marked lack of inventory, and people often still have the need or desire to buy and sell, regardless of the changes in the market.
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