The Spokane, WA market saw a drop in new home closings year-over-year in March, but the decline was less than the year-over-year decline in February. New home closings moved from 68 a year earlier to 21 after the figure moved from 41 in February 2015 to 12 in February 2016.
A total of 565 new homes were sold during the 12 months that ended in March, down from 612 for the year that ended in February.
New home closings made up 3.0% of overall housing closings. This is down from the a year earlier when new home closings represented 9.9% of total closings. Following a decline in February year-over-year, closings of new and existing homes gained year-over-year in March.
Pricing and Mortgage Trends
In March, the average price of newly sold homes grew year-over-year to $272,946 per unit, a 6.9% rise. This gain follows a move from $276,806 per unit to $279,170 from February 2015 to February 2016.
The average mortgage size on new homes moved north year-over-year along with new home prices. In March 2016, average mortgage size gained 9.3% from a year earlier to $248,591. Average mortgage size on new homes went from $222,215 in February 2015 to $231,982 in February 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in March 2016. Single-family home closings have made up all of new home closings while attached unit closings have accounted for no part of closings.
The average unit size of newly sold homes increased 7.1% year-over-year to 2,166 square feet in March 2016. The average size of newly sold homes moved from 2,045 square feet in February 2015 to 1,715 square feet in February 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 22.0% of existing closings, lower than 27.2% a year earlier. The percentage of existing home closings involving foreclosures dropped to 10.3% in March from 11.4% a year earlier while REO closings as a percentage of existing home closings declined to 11.6% from 15.8% a year earlier.