Prices for full-year 2007 were above a year ago in both Washington generally and Spokane County.  Unfortunately, that situation ended in late 2007, and prices this year are below a year ago.  WCRER 3rd quarter data which will be formally be released in a week or so shows a statewide decline of 9.9% compared to a year ago to a median of $282,800, and the Spokane data shows a decline of 7.8% to a median of $191,300.
	Medians are used because they are readily available and better than averages which are skewed by a few expensive homes.  Changes in medians, however, should not be interpreted as appreciation rates, because there are changing composition factors.  For appreciation estimates I rely on data from the Office of Federal Housing Enterprise Oversight (OFHEO) which tracks “repeat sales”.