While the housing market across the nation is cooling off, Spokane's is heating up.
At the end of 2018 we saw that higher interest rates combined with housing affordability decline slowed the housing market. But this year, the fed will only raise rates once or twice which will lead to lower mortgage interest rates.
When it comes to a 30 year fixed rate mortgage we will be seeing more of a 4.4 or 4.5 percent rate instead of 5 percent rate, making it a good time to buy.
The population in Spokane is continuing to grow and along with it the desire for housing. While other parts of the country have gone cold, Spokane is still a hot market. However, inventory is low for existing housing, as low as less than a two month supply which is a sign new houses need to be built.
That new construction is needed to be able to provide entry level housing, but right now the focus when it comes to building new houses is on the upper level of the market.