Recent Numbers For Spokane Show New Home Closings and Prices Increase
Posted on: May 06, 2013 07:34:53 AM
In the Spokane, WA market, new home closings increased year-over-year in February, and there were signals of strengthening market conditions as the percentage rise was an greater than January 2013. Closings rose more than twofold from a year earlier to 70. This came after a 78.3% boost year-over-year in January.
A total of 571 new homes were sold during the 12 months that ended in February, up from 535 for the year that ended in January.
Out of all housing closings, new home closings accounted for 14.2%. This marks a rise from 9.2% of total closings a year earlier. For new and existing homes, closings climbed year-over-year in February after also increasing in January year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $227,499 per unit in February, up 10.9%from a year earlier. This hike is smaller than the 18.6% boost in January year-over-year.
Average mortgage size on new homes grew year-over-year along with new home prices. In February 2013, the average mortgage size on newly sold homes saw an 11.4% bump from a year earlier. In January 2013, average mortgage size on newly sold homes saw a 12.4% surge year-over-year from a year earlier. On aveage, the percentage of new home sale price that was being financed went from 91.6% of average price to 92.0% from a year earlier. This came after a 4.9 percentage point decline in January from the year earlier.