New Home Prices Rise in Spokane According to Recent Figures, Sales Decrease
Posted on: Mar 06, 2014 07:40:45 AM
In December, the Spokane, WA market saw a drop year-over-year in new home closings, but the market seemed to be signaling improvement with a percentage fall less steep than in November 2013. New home closings saw a 11.9% drop from a year earlier to 52. This followed a 14.3% fall year-over-year in November.
A total of 723 new homes were sold during the 12 months that ended in December, down from 730 for the year that ended in November.
Out of all housing closings, new home closings represented 10.5%. This is down from the 12.8% of closings a year earlier. Closings of new and existing homes rose year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 10.0% in December to $256,516 per unit. This lift is an improvement over the 4.6% boost in November year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. The average mortgage size rose to $224,285 in December, marking a 6.7% lift compared with a year earlier. Average mortgage size grew 10.3% in November 2013 from a year earlier.