New home closings in the Spokane, WA market declined year-over-year in September, a drop following an increase in August 2015. Closings declined 30.2% from a year earlier to 44. In comparison, new home closings in the same month last year saw a 23.6% boost year-over-year in August.
A total of 669 new homes were sold during the 12 months that ended in September, down from 688 for the year that ended in August.
Out of all housing closings, new home closings represented 5.0%. This is a decline 8.3% of closings a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $265,634 in September 2014 to $267,759 in September 2015. This came after a 4.3% drop in August from a year earlier.
The average mortgage size on newly sold homes saw a hike year-over-year along with new home prices. In September 2015, there was a 2.5% bump in the average mortgage size, reaching $225,081. In August 2015, average mortgage size slid 3.9% from a year earlier.
Other Market Trends
There has not been much movement in the composition of the market with regard of the types of properties sold. From a year ago, single-family home closings have moved from 95.2% of new home closings to 95.5% of closings while attached units have gone from 4.8% of closings to 4.5% of closings.
For all new homes sold, the average unit size sank 5.3% year-over-year to 1,953 square feet in September 2015. In August, the average size of new homes sold went from 2,066 square feet a year earlier to 1,940 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 16.2% of existing closings, lower than 26.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.1% in September from 13.7% a year earlier while REO closings as a percentage of existing home closings slid to 9.1% from 12.5% a year earlier.