Spokane, WA - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:48:09 AM
In the Spokane, WA market, new home sales climbed year-over-year in February, an upward turn from a decline in January 2012. New home sales saw a hike of 30.8% from the year earlier to 34 after sales declined 3.8% in January from the year earlier.
A total of 512 new homes were sold during the 12 months that ended in February, up from 504 for the year that ended in January.
As a percentage of overall housing sales, new home sales made up 9.2%. This is a rise from 7.6% of sales a year earlier. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.
Advertisement
Pricing and Mortgage Trends
For newly sold homes, the average price increased 8.5% year-over-year in February to $205,196 per unit. This is a swing up from the 14.2% drop in January from a year earlier.
In February 2012, average mortgage size on newly sold homes moved from $188,801 to $187,897 from February 2011. Average mortgage size rose 4.6% in January 2012 from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 8.2 percentage points year-over-year to 91.6% in February 2012. In January 2012, there was a 17.4 percentage point lift from a year earlier.
Spokane, WA - Freshest New Home Sales Increase Year-Over-Year in February After Falling Year-Over-Year in January
Posted on: May 07, 2012 09:48:09 AM
In the Spokane, WA market, new home sales climbed year-over-year in February, an upward turn from a decline in January 2012. New home sales saw a hike of 30.8% from the year earlier to 34 after sales declined 3.8% in January from the year earlier.
A total of 512 new homes were sold during the 12 months that ended in February, up from 504 for the year that ended in January.
As a percentage of overall housing sales, new home sales made up 9.2%. This is a rise from 7.6% of sales a year earlier. After dropping in January from a year earlier, sales of new and existing homes rose year-over-year in February.
Pricing and Mortgage Trends
For newly sold homes, the average price increased 8.5% year-over-year in February to $205,196 per unit. This is a swing up from the 14.2% drop in January from a year earlier.
In February 2012, average mortgage size on newly sold homes moved from $188,801 to $187,897 from February 2011. Average mortgage size rose 4.6% in January 2012 from a year earlier. For new home sales, the percentage of the sale price that was being financed fell 8.2 percentage points year-over-year to 91.6% in February 2012. In January 2012, there was a 17.4 percentage point lift 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 sales have moved from 96.2% of new home sales to 97.1% of sales while attached units have gone from 3.8% of sales to 2.9% of sales.
The average unit size of newly sold homes increased 5.4% year-over-year to 1,907 square feet in February 2012. The rise was not as steep as the rise in average price, making the movement similar to January 2012 when the average size gained 13.6% to 1,724 square feet from a year earlier.
Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO sales represented 39.8% of existing home sales, below 51.1% a year earlier. The percentage of existing home sales involving foreclosures sank to 15.3% in February from 25.4% a year earlier while REO sales as a percentage of existing home sales slipped to 24.6% from 25.7% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in this market area.
Source: Housing Intelligence