Prices of New Homes Increase in Spokane, Sales Decline According to Freshest Data
Posted on: Aug 08, 2014 11:50:37 AM
Closings of new homes in the Spokane, WA market declined year-over-year in May, and the decline was by a larger percentage than the April 2014. New home closings moved from 73 a year earlier to 11 after the figure moved from 64 in April 2013 to 11 in April 2014.
A total of 372 new homes were sold during the 12 months that ended in May, down from 434 for the year that ended in April.
New home closings represented 11 out of the 738 total closings, which is a smaller percentage than the 73 of 828 total closings a year earlier. For new and existing homes, closings sank in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average new home value went from $233,858 last year to $260,318. This was on the heels of a 3.1% surge in April year-over-year.
Average mortgage size on new homes went from $204,909 a year earlier to $243,821. Average mortgage size on new homes went from $220,556 in April 2013 to $203,859 in April 2014.