Spokane County’s housing prices continue to level off

Spokane County home prices continued to level off in September after posting sharp gains earlier in the year.

The average sales price was $259,472 last month, down from $260,812 in August, according to figures from the Spokane Association of Realtors.

The median sales price was $235,000 last month, down from $247,500 in August.

A total of 737 condos and single-family homes on less than 1 acre were sold during September. Following seasonal trends in the housing market, the number of home sales declined from 896 in August.

The Inventory of homes for sale remains tight. About 1,450 homes are currently listed for sale in Spokane County, which is down 24 percent from a year ago.

Demand for homes is outpacing the area’s supply, creating competitive conditions for homebuyers. Buyers are eager to find homes before rising interest interest rates increase the cost of their mortgage. Area job growth also has influenced local demand for housing.