Average home prices in Spokane fell by 4.1 percent in October, in line with a national and regional decline driven in part by foreclosures and high unemployment.
The Spokane sales number reflects regular sales and “distressed” sales — homes foreclosed by banks or sold by owners selling short --- essentially having no home equity.
Excluding distressed home sales in October, Spokane’s average home sale was 2.9 percent lower than October 2010, according to CoreLogic, a national real estate data collector.
Coeur d’Alene's October’s home prices fell 10.3 percent; excluding distressed sales, Coeur d’Alene's average sale was 5.1 percent lower than the same month one year earlier.
CoreLogic reported all U.S. home sales in October were 3.9 percent lower than a year earlier; excluding distressed home sales, the average home sale across the country was 0.5 percent lower than in October 2010.
Prices reflect a continuing rebalancing of supply and demand, said Mark Fleming, chief economist for CoreLogic.
The Spokane Association of Realtors reported slightly worse numbers for October. Spokane’s average price among 323 single-family homes and condos sold in October was 9.8 percent lower than a year earlier, said Rob Higgins, the association’s executive officer.
The Spokane number includes condo sales while CoreLogic data don't.
The median price for October 2011 home sales, compared to a year earlier, was down 3.8 percent, Higgins said.
Of October’s 323 home sales, 79, or roughly 24 percent, were distressed sales, Higgins noted.
A bright spot for Spokane is a trend toward fewer foreclosure sales, he added. Foreclosure sales in Spokane from August through October totaled 81, 87 and 65, respectively.
The Spokane November total for foreclosed sales is down to 63, Higgins noted.
Of the top 100 U.S. metro statistical areas measured by population, 78 are showing year-over-year declines in October, two fewer than in September, CoreLogic reported.
The map provided here from CoreLogic shows state price indexes measured vs. one year earlier. Dark red striped states have seen the largest declines. Solid red states, like Washington and Idaho, are in the minus-4 to minus-8 percent per year category.