The Spokane, WA market saw a drop in new home closings year-over-year in April, but the decline in percentage terms was an improvement from March 2016, suggesting that the market may be stabilizing. Closings slid 31.4% from a year earlier to 35. This came on the heels of a 39.1% drop year-over-year in March.
A total of 647 new homes were sold during the 12 months that ended in April, down from 663 for the year that ended in March.
As a percentage of overall housing closings, new home closings made up 4.5%. This is down from the a year earlier when new home closings accounted for 6.2% of total closings. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
In April, the average price of newly sold homes grew year-over-year to $294,110 per unit, a 7.2% lift. This surge is better than the 5.4% rise in March year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In April 2016, there was a 16.0% boost in the average mortgage size, reaching $270,314. In March 2016, average mortgage size on newly sold homes saw a 7.3% surge year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. The share of new home closings belonging to attached units grew from no part of closings in April 2015 to 2.9% of closings in April 2016. Meanwhile, single-family home closings as a percentage of all new home closings slid to 97.1% of closings from all of closings.
For all new homes sold, the average unit size declined 2.0% year-over-year to 2,075 square feet in April 2016. The average size of newly sold homes moved from 2,018 square feet in March 2015 to 2,041 square feet in March 2016.
Together, foreclosures plus REO closings made up 21.1% of existing home closings. They accounted for 21.2% in April 2015. The percentage of existing home closings involving foreclosures rose to 12.1% in April from 9.0% a year earlier while REO closings as a percentage of existing home closings fell to 9.0% from 12.2% a year earlier.