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Property Market Updates and News Highlights

Real Estate News in Brief

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    Spokane's construction permits are at an all-time high for the first 10 months of the year, with a total value of $704 million, up 50% from last year. The city issued 5,072 permits, a 19.6% increase over the previous four-year average. The largest projects permitted in October include the $8.7 million Spokane International Airport administration building and the $6.2 million Garland Apartments.

    Home sales surged in the Spokane area in October, with 505 homes sold through the Multiple Listing Service (MLS), a 12% increase from last year's month. The median home price was $422,500, up 6.4%. The MLS inventory at the end of October totaled 1,362 units, a 2.7-month supply.

    A new phase of mixed-income housing is complete in Airway Heights, bringing 67 living units online. The Highland Village project includes apartment units and single-family homes constructed through a collaborative effort between local organizations.

    Washington State University (WSU) is launching a master's degree program in energy-conscious building practices, which earned a Zero Energy Design designation from the U.S. Department of Energy. The program will train students in designing efficient and less carbon-polluting homes.

    Comcast is starting construction on a project to expand high-speed internet in Medical Lake, valued at $4.6 million. The project aims to connect 1,600 homes and businesses to a fiber network.

    Washington and Idaho are among the states that increased construction employment in September, with Washington adding 2,900 jobs from last year and Idaho adding 2,700 jobs.

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