Real Estate Trends
Home prices have risen nationally three times faster than incomes since the turn of the century, which has made home ownership an impossibility for more Americans than ever before.
In many large cities, home prices have outpaced income. In Miami, for example, incomes have risen 16 percent, while home prices have increased 58 percent since early 1998. New York's Long Island suburbs have seen just a 14 percent rise in incomes as compared to an 81 percent increase in home prices. Boston home prices have gone up 89 percent, while incomes have increased only 22 percent.
Even with a downturn in the real estate market looming on the horizon, home sales are still headed for another record year.
The first sector to show slowing is the high-end home market. Because of “overpersonalized” big-ticket properties, the pace of house auctions nationwide has surged.
Low interest rates would be positive trend of the housing market. Interest rates now average around 6.5% for 30-year fixed-rate loans and under 6% for 15-year loans. We are all hoping for lower interest rates! Once they go down I feel we will see a surge of buyers waking up and entering the market - so be prepared if you are ready to start looking for a home - check in with a local lender.
Real-estate analysts believe that if the housing market stalls, some areas will continue to grow modestly while other markets gradually go soft, rather than pop.
Spokane Statistics for July 2025: Median Sales Price: $425,000 - up 6% from last year (from the MLS - stats are a bit different than Redfin and Zillow due to area surveyed)
(Different areas will vary - you can email me for more specific statistics!)
Sales - down 7.5% from June 2025
Inventory - up 8.1% from June 2025
Days on the Market - up 31.3% from June 2025
New Listings - up 4.9% from June 2025
Call me if you would like any further info! Mary Ogle - 509-953-0201