Over 470 home sales were reported through the Spokane Multiple Listing Service in April, up from just over 440 homes sales during the year-earlier month, according to the Spokane Association of Realtors.

The median home price rose to nearly $430,000 in April, almost $15,000 more than a year earlier.

Single-family home inventory increased to a total of 853 units at the end of April, up 24% from 689 units reported in the year-earlier month, according to the association. New listings also were up in April to 908, a 20% increase from 753 new listings in April 2023.

Frame Your Future camp

draws nearly 30 students

Nearly 30 students and close to 40 volunteers constructed five garden sheds May 18 at the Spokane Home Builders Association’s fourth annual Frame Your Future Construction Camp.

Guided by experienced professionals, participants from diverse backgrounds came together and experienced hands-on training, networking and what a day in the trades feels like, according to a press release issued by SHBA.

Through teamwork and cooperation, they tackled challenges head-on, laying the groundwork for skills that will last a lifetime, the release says.

Spokane-area programs

granted $4.5M by HUD

The U.S. Department of Housing and Urban Development has awarded over $96 million to support five housing programs for the construction of affordable homes, emergency shelter operations, and low-cost housing preservation in Washington state.

The city of Spokane has been awarded over $3 million in Community Development Block Grants: $1.2 million for the HOME Investment Partnerships program and about $274,000 in Emergency Solutions grants, according to a press release issued by U.S. Sen. Maria Cantwell, of Washington.

Lilac City ranks highly

for interest in rentals

Spokane has emerged in April as the seventh most sought-after renting spot in the West and the 18th nationwide, according to the April Rental Activity report published by Santa Barbara, California-based rental management software company RentCafe.

The report tracks the cities with the highest rates of engagement from renters on RentCafe.com.

Among the reports findings:

*One of the main indicators of renters’ growing interest in Spokane apartments is the 31% drop in open listings on RentCafe.com—showing that renters are quick to lease vacant apartments.

*Page views for Spokane apartments experienced a 156% increase, compared with the year-earlier month, with most people looking to rent in the Lilac City hailing from the Seattle area.

*Nationwide, renters show preference for cities in the West and the South when it comes to apartment hunting.

Pasco’s Gesa Stadium

gets $5M in upgrades

Gesa Stadium, in Pasco, Washington, has recently undergone $5 million in improvements, the Tri-Cities Area Journal of Business reports.

The stadium’s clubhouse has been remodeled by expanding the men's locker room underneath the grandstands, creating a cafeteria and expanding office space.

The visiting clubhouse also has been remodeled, and a temporary women’s locker room has been established.

The general contractor is Apollo Inc.

The improvements at the stadium near the HAPO Center are tied to the 10-year lease extension with the Tri-City Dust Devils baseball team, and the city of Pasco has invested $1.9 million in the project.

The changes are in keeping with updates to Major League Baseball’s player development licenses for minor league teams.

Beyond the $5 million project, future improvements to Gesa Stadium include a permanent female locker room, a surveillance system, replacement of outfield sod, and upgraded ballpark lights.

Homes costs beyond

reach of most buyers

The Building Industry Association of Washington’s recent Housing Affordability Index shows that 84% of households in Washington state can’t afford a median-priced new home.

Median new home prices in Washington increased to $747,200 this year, from $635,100 in 2023. Of the 3.2 million households in the state, 2.7 million are unable to qualify for a mortgage, according to BIAW’s report.

In Spokane County, where the median household income is $70,400, the income required to qualify for a home with a median sales price of $430,000 is $102,500, a threshold that only 30% of households meet throughout the county, the report says.

Construction materials

prices surge in April

U.S. construction input prices increased 0.5% in April compared to the previous month, according to an Associated Builders and Contractors analysis of the latest U.S. Bureau of Labor Statistics Producer Price Index data. Nonresidential construction input prices increased 0.6% for the month.

Overall construction input prices are 2.3% higher than a year earlier, while nonresidential construction input prices are 2.2% higher.

Prices increased in 2 in 3 energy subcategories last month. Crude petroleum prices were up 10.6%, while unprocessed energy materials prices increased 8.2%. Natural gas prices were down slightly by 0.9%.

“Construction input prices jumped half a percentage point higher in April and have increased 3.5% over the first four months of the year,” says Anirban Basu, ABC chief economist . “While iron, steel, asphalt, and gypsum product prices fell in April, oil and copper prices surged, driving the monthly increase. Rising input prices will put pressure on profits at a time when nearly 1 in 4 contractors expect their margins to contract over the next two quarters, according to ABC’s Construction Confidence Index.

Basu adds, “This is yet another sign that inflation is accelerating and suggests that interest rates are set to stay higher for longer.”

Single-family home

sizes are on decline

Median single-family homes are declining in size, according to a National Association of Home Builders analysis of Census data.

The median square floor area for all single-family homes dropped to 2,140 square feet, in the lowest reading since the second half of 2009, the analysis says.

The median home size rose from 2009 to 2015, peaking at about 2,450 square feet, as entry-level new construction lost market share. Home size then declined between 2016 and 2020 to a median of about 2,250 square feet as more starter homes were developed.   

An expected impact of the COVID-19 pandemic was a need for more residential space, as people used homes for more purposes including work, according to the analysis. Home size correspondingly increased in 2021 to a median size of about 2,300 square feet as interest rates reached historic lows.

However, as interest rates increased in 2022 and 2023, and housing affordability worsened, the demand for home size has trended lower and likely will continue to do so as housing affordability remains constrained, the analysis says.