Monthly home sales in the Spokane area increased in February, ending a 16-month skid, according to new data from the Spokane Multiple Listing Service.

A total of 331 homes sales were completed through the Spokane MLS in February, up just under 10% from the 302 homes sold in February 2023. The last time monthly home sales rose was in September 2021, when the number of homes sold increased 3% compared with the year-earlier month. 

The median home sales price rose last month by almost $25,000, to $400,000 from just over $375,000 for the year-earlier month. 

The total inventory of available homes also surged upward to 703 homes on the market at the end of February, a 37% increase compared with a year earlier. The inventory represents a 2.1-month supply of homes, up from a 1.7-month supply a year earlier. 

New listings also increased, though not as precipitously. A total of 580 homes came on the market through the MLS last month, 19% more than in February 2022, when 488 homes were newly listed.