In September, the Spokane, WA market saw a fall year-over-year in new home closings, curving down after an increase in August 2015. Closings slid 30.2% from a year earlier to 44. In comparison, new home closings in the same month last year saw a 23.6% jump 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.
New home closings represented 5.0% of overall housing closings. This is a drop 8.3% of closings a year earlier. Closings of new and existing homes jumped year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
From September 2014 to September 2015, the average price of newly sold homes went from $265,634 to $267,759. This came after a 4.3% decline in August from a year earlier.
The average mortgage size on new homes moved north year-over-year along with new home prices. In September 2015, average mortgage size grew 2.5% from a year earlier to $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.
There was a 5.3% drop year-over-year in the average unit size of newly sold homes to 1,953 square feet in September 2015. The average size of newly sold homes moved from 2,066 square feet in August 2014 to 1,940 square feet in August 2015.
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. Combined, foreclosures plus REO closings accounted for 16.2% of existing home closings, below 26.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 7.1% in September from 13.7% a year earlier while REO closings as a percentage of existing home closings declined to 9.1% from 12.5% a year earlier.