Housing market booming in Spokane - Spokane, North Idaho News & Weather KHQ.com

Housing market booming in Spokane

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SPOKANE, Wash. -

Houses are selling at a rapid pace in Spokane, and there's a major reason why.

Comparing numbers month-to-month, there were 25 percent fewer homes on the market this January compared to January 2016.

In other words, there is a very small inventory of homes for sale.

It's great news for sellers, who are experiencing an increase in property value as a result.

According the Spokane Association of REALTORS, the average selling price in January was $206,351, up 8.8 percent from January 2016 when the average selling price was $189,675.

Realtors say the Spokane housing market isn't slowing down, and expects 2017 to be as profitable for sellers as 2016.

But right now is also a good time to buy.

Interest rates remain very low, but are expected to rise to 4.6 percent by the end of 2017.

One homeowner in the Perry District listed his home at 9 a.m. on Thursday, and by noon four potential buyers looked at the house.

Realtors say this is a scenario they are seeing played out on a daily basis in Spokane, and they don't expect it to slow down anytime soon.

Realtors say there is no housing bubble, but that the market will likely level off by 2018 or 2019, but prices will not reach 2008 level lows.

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