Spokane Home Prices Holding Better than Elsewhere

Local economists disagree with Zillow estimates, saying Spokane home prices have only declined about 3% not 9% as the outsiders suggest. I too see only a modest decrease in Spokane real estate values.

clipped from www.spokesmanreview.com Spokane homes faring well Prices have fallen, but not as badly as rest of country Spokane County is much better than in the rest of the country, the Zillow report says. Nationwide, almost a third of all homes sold in the past 12 months went for a loss, and rates of foreclosure and homeowners with negative equity nationally outpaced the rates here. Amy Bohutinsky, spokeswoman for Zillow, said the Spokane market was performing better than the national average in several categories. Over the past five years, for example, the company's estimates for home values have risen 7 percent. "Compared to the rest of the country, Spokane is actually doing quite well," she said. "I'm a little surprised they are claiming as large a year-over-year decline in values for the Spokane marketplace as they are," said Glenn Crellin, director of WSU's Washington Center for Real Estate Research. "I really had not expected a 9 percent decline."