New home closings rose year-over-year in August in the Spokane, WA market, but the percentage boost was less than July 2015, suggesting the market may be leveling. New home closings saw a rise of 21.8% from the year earlier to 67. This came after a 30.8% hike year-over-year in July.
A total of 687 new homes were sold during the 12 months that ended in August, up from 675 for the year that ended in July.
As a percentage of overall housing closings, new home closings made up 7.2% of overall housing closings. New home closings were 6.8% of overall closings last year. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.
Pricing and Mortgage Trends
In August, the average price for new home closings was $265,183, a 4.2% decline from last year. This drop compares to a 13.1% hike in July year-over-year.
For newly sold homes, the average mortgage size dropped year-over-year in contrast to average price of new homes. In August 2015, there was a 3.7% fall in the average mortgage size on new homes to $225,099. Average mortgage size gained 4.6% in July 2015 from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes grew from 90.9% in August 2014 to 97.0% of closings in August 2015. At the same time, the share of new home closings belonging to attached units declined to 3.0% of closings from 9.1% of closings.
For all new homes sold, the average unit size fell 6.0% year-over-year to 1,943 square feet in August 2015. In July, the average size of new homes sold went from 1,994 square feet a year earlier to 2,072 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.8% of existing closings, lower than 21.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 8.0% in August from 11.9% a year earlier and REO closings moved from 9.1% of existing home closings in August 2014 to 8.8% in August 2015.