SPOKANE, Wash. (AP) — The way Darin Watkins sees it, the real estate boom in the once-sleepy Spokane, Washington, metropolitan area is a numbers problem. Far too many people are moving in, far too few homes are being built and prices have skyrocketed.
Half of renters in Spokane County want to buy a house, but they can’t find one, said Watkins, government affairs director for the Spokane Association of Realtors.
“We’re at the lowest level of inventory in the history of Spokane County,” he said.
In May, the Wall Street Journal/realtor.com Emerging Housing Markets Index ranked Coeur d’Alene, Idaho, part of this combined metropolitan statistical area, as having the fastest-rising home prices in the nation. Spokane County came in at No. 5.
It’s an astonishing development in an area that had long languished behind the glitter of the booming Seattle area. It illustrates how many people are moving out of crowded coastal cities seeking cheaper land…