New Home Closings and Prices in Spokane Climb According to Latest Figures
Posted on: Dec 06, 2013 07:44:56 AM
There was a rise in new home closings in the Spokane, WA market in September year-over-year, and there were signals that the market may be improving as the percentage rise was better than August 2013. New home closings saw a 31.6% hike from a year earlier to 50. This came on the heels of a 28.1% hike year-over-year in August.
A total of 715 new homes were sold during the 12 months that ended in September, up from 703 for the year that ended in August.
Out of all housing closings, new home closings made up 7.1%. As a part of the whole, new home closings were 7.3% a year earlier. For new and existing homes, closings gained year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
In September, the average value of new homes saw a 9.9% bump year-over-year as it grew to $267,820 per unit. This gain is an improvement over the 8.3% rise in August year-over-year.
For newly sold homes, the average mortgage size saw a lift year-over-year along with new home prices. In September 2013, the average mortgage size on newly sold homes saw a 4.2% hike from a year earlier. In August 2013, average mortgage size jumped 11.8% from a year earlier.