HERE'S YOUR WEEKLY LISTING REVIEW FOR

1215 S Ray St

Hi Misty,

We have not had any new buyer activity or inquiries. Market conditions for vacant land in the Spokane area remain largely unchanged, with many properties continuing to sit on the market for well over 100 days before selling. Your property remains the most affordable vacant lot currently available on the South Hill, but the road frontage and the need to create access to the property continue to be barriers for many developers considering the site. With the listing set to expire this Sunday, we'd love to hear your thoughts on how you'd like to proceed. Given the current state of the vacant land market, there is no pressure either way—we're happy to discuss your goals, whether you'd prefer to take the property off the market for now or explore other options that make the most sense for you.

On the broader economic side, June brought some encouraging news as inflation eased, with the Consumer Price Index (CPI) declining 0.4% from May, largely driven by a 5.7% drop in energy prices. While this is a positive step toward improving overall economic conditions, it has not yet translated into a meaningful increase in buyers' purchasing power. Mortgage rates continue to hover in the mid-to-upper 6% range, and higher borrowing costs are still limiting how much many buyers can comfortably afford each month. Nationally, existing home sales declined 2.4% in June, highlighting that affordability remains one of the biggest challenges facing today's buyers.

Here in the Spokane area, we're seeing those same affordability challenges reflected in buyer behavior. Inventory has grown substantially, with more than 3,600 active listings currently available across the MLS and nearly 1,500 new listings added in May alone. Buyers simply have more options than they have had in several years, allowing them to be much more selective and patient before making a decision. Instead of stretching their budgets, many are focusing on homes that offer the strongest overall value, balancing price, condition, location, and anticipated future repair or renovation costs.

– Haydn