Spokane County home sales drop year over year amid rising prices and low inventory

While the number of home sales in Spokane County dropped slightly in July, low inventory and high demand continued to push prices up.

Home sales declined by 5.5% compared to July 2018, according to data from the Spokane Association of Realtors.

More than 850 single-family homes and condominiums on less than 1 acre sold last month, down from 899 homes in July 2018, according to the Realtors association.

The median closing price was up 14.9% in July 2019 at $270,000, compared to $235,000 in July 2018.

Inventory decreased more than 2.7% compared with July 2018, with 1,428 properties on the market last month, representing a 1.7-month supply. A healthy housing market contains a six-month supply.