Home Prices In Spokane Area Increased Recently

SPOKANE, WA — Home prices are still climbing nationally, but a slowdown in price appreciation is inevitable as more people are priced out of the market, according to experts.

Prices increased 3.8 percent from May to June in the Spokane-Spokane Valley WA Metropolitan Statistical Area, according to the latest data from the S&P CoreLogic Case-Shiller Index, one of the leading trackers of the housing market. Prices were up 28.8 percent in June 2021 over June 2020.

Prices in the bottom third of the market in the Spokane-Spokane Valley WA Metropolitan Statistical Area — those priced under $317,000, often designated as starter homes — increased 29.4 percent year over year. The top third of the market (homes over $442,000) saw a 27.5 percent increase.

National home prices increased 1.8 percent from June to July 2021, according to CoreLogic data. On a yearly basis, prices increased 18 percent from July 2020 to July 2021, the highest increase in 45 years.

Prices for single-family homes grew by 19.7 percent over the past year; attached properties such as condominiums grew by 11.6 percent.

Prices are projected to slow to 2.7 percent growth by July 2022 as more buyers are priced out of the market.

Spokane County is part of the Spokane-Spokane Valley WA Metropolitan Statistical Area, a term the U.S. Census Bureau uses to designate areas with strong economic ties. Many MSAs contain more than one county.

Editor's note: This post was automatically generated using an analysis of the Case-Shiller Index data from CoreLogic Inc. by The Associated Press. Please report any errors or other feedback to content@patch.com.