In April, there was a fall year-over-year in new home closings in the Spokane, WA market, but there were hints that the market may be leveling out with a percentage decline less steep than in March 2016. Closings sank 31.4% from a year earlier to 35. This came after a 39.1% decline 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 a fall 6.2% of closings a year earlier. Following a year-over-year increase in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes had a 7.2% lift year-over-year to $294,110 per unit in April. This hike is better than the 5.4% boost in March year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In April 2016, the average mortgage size was $270,314, up 16.0% from a year earlier. In March 2016, average mortgage size on newly sold homes saw a 7.3% lift year-over-year 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. Attached unit closings rose from no part of all closings in April 2015 to 2.9% of closings in April 2016. At the same time, the share belonging to single-family homes declined to 97.1% of closings from all of closings.
There was a 2.0% decline year-over-year in the average unit size of newly sold homes to 2,075 square feet in April 2016. In March, the average size of new homes sold went from 2,018 square feet a year earlier to 2,041 square feet.
Combined, foreclosures plus REO closings made up 21.1% of existing home closings. They made up 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.