In the Spokane, WA market in July, new home closings declined year-over-year, and the decline was by a larger percentage than the June 2015. New home closings moved from 51 a year earlier to 9 after the figure moved from 52 in June 2014 to 16 in June 2015.
A total of 369 new homes were sold during the 12 months that ended in July, down from 411 for the year that ended in June.
New home closings represented 9 out of the 912 total closings, which is a smaller percentage than the 51 of 854 total closings a year earlier. Following a year-over-year increase in June, closings of new and existing homes also increased year-over-year in July.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $350,705 from $249,897 a year ago. This was on the heels of a 12.7% boost in June year-over-year.
The average mortgage size on new homes was $301,224, up from $225,516. Average mortgage size jumped 21.2% in June 2015 from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 1,966 square feet a year earlier to 2,474 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 15.0% of existing home closings, below 20.4% a year earlier. The percentage of existing home closings involving foreclosures slid to 6.8% in July from 11.1% a year earlier while REO closings as a percentage of existing home closings dropped to 8.2% from 9.3% a year earlier.