Prices of New Homes Rise in Spokane, Sales Decline According to Freshest Data
Posted on: Jul 06, 2014 07:34:59 AM
New home closings slid year-over-year in April in the Spokane, WA market, and the percentage decline that was steeper than March 2014 gave implications of worsening market conditions. There was a 21.2% drop in new home closings from a year earlier. This was after the housing market saw a 14.8% fall year-over-year in March.
A total of 674 new homes were sold during the 12 months that ended in April, down from 688 for the year that ended in March.
New home closings represented 7.9% of overall housing closings. This is down from the 9.3% of closings a year earlier. Following a year-over-year decline in March, closings of new and existing homes also dropped year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 38.5% boost year-over-year in April to $318,009 per unit. This hike is better than the 10.7% gain in March year-over-year.
There was a hike year-over-year in the average mortgage size on new homes along with new home prices. In April 2014, the average mortgage size was $228,831, a 3.8% lift from a year earlier. Average mortgage size fell 3.2% in March 2014 from a year earlier.