New Home Prices Rise in Spokane According to Freshest Figures, Sales Decrease
Posted on: Apr 06, 2014 07:40:35 AM
In January, the Spokane, WA market saw a decline year-over-year in new home closings, and with a percentage fall steeper than December 2013, there were signs the market may be worsening. Closings declined 21.3% from a year earlier to 37. This was after the housing market saw a 11.9% drop year-over-year in December.
A total of 716 new homes were sold during the 12 months that ended in January, down from 726 for the year that ended in December.
Out of all housing closings, new home closings made up 8.3%. This is a drop 10.6% of closings a year earlier. After rising in December from a year earlier, closings of new and existing homes stayed steady in January.
Pricing and Mortgage Trends
The average price of new homes was $252,634 per unit in January, up 7.1%from a year earlier. This boost is smaller than the 10.0% bump in December year-over-year.
Average mortgage size on new homes saw a fall year-over-year in contrast to prices of new homes. It declined 4.6% in January from a year earlier, reaching $200,843. Average mortgage size jumped 6.7% in December 2013 from a year earlier.