Monday, September 20, 2021
Sept. 20, 2021

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Spokane’s housing market booming

Growth outstrips nation’s; mayor declares emergency

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SPOKANE —While home prices are rising at a record-breaking pace nationwide, Spokane is outpacing that trend as demand continues to outstrip supply of available properties on the market.

DeedClaim, an online deed preparation service, recently ranked Spokane 20th out of cities nationwide for the greatest housing shortage.

The site analyzed Realtor.com data to calculate housing supply in each metro area and examined population changes over the course of a year to determine buyer demand. Data does not take into account current residents of each metro area actively seeking a home.

Phoenix and Dallas topped the list for facing the greatest housing shortages, according to DeedClaim.

DeedClaim’s report comes as Spokane Mayor Nadine Woodward declared a “housing emergency” Monday for the first time in Spokane’s history.

In a statement Tuesday, the Spokane Association of Realtors indicated it stands with Woodward on addressing Spokane’s housing shortage.

“Regional researchers, builders, and brokers have been sounding the alarm on our housing emergency for the past several years,” Tom Clark, chair of SAR’s governmental affairs committee, said in a statement. “We’re relieved our city executive and legislators now see it, too. Spokane Realtors are ready to bring housing solutions to the table and continue to help build Spokane’s future for everyone who wants to live here.”

The Spokane City Council on Monday unanimously approved a Housing Action Plan with four priorities: Increasing housing supply and affordability for people of all incomes; preserving housing affordability for those who already live here; increasing access to housing and homeownership; and supporting housing initiatives across the region.

“Some of our biggest housing challenges are of our own creation,” Clark said. “We make it difficult — sometimes impossible — to build what people want to buy in areas where people want to live. We pile on burdensome regulations and fees, then wonder why we have a housing crisis. All of this is fixable by our own hands.”

Spokane County’s median home closing price hit a record breaking $380,000 in June, a 28.8 percent increase compared with the $295,000 median in June 2020, according to the Spokane Association of Realtors.

The county’s median home price is above the nation’s median of $363,300 in June, according to data from the National Association of Realtors.

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