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Posts tagged: Rob Higgins

Home Prices in Spokane drop, or rise, depending on which source you’re using

Numbers are supposed to be neutral and generally behave the same, no matter who handles then.

But in many instances, including home sale prices, the numbers vary depending on the source.

CoreLogic, one of the country's leading real estate data gathering firms, said in its recent release that Spokane home prices, including distressed sales, declined by 1.8 percent in July 2012 compared to July 2011.

They also declined by 2.3 percent in June 2012 compared to June 2011, CoreLogic reported.

On a month-over-month basis, home prices including distressed sales, increased by 0.4 percent in July 2012 compared to June 2012.

But ask Rob Higgins of the Spokane Association of Realtors, and the numbers don't line up that way.

As reported last month, Spokane County median sale price jumped to $170,000 in July, up from $159,500 in June, said Rob Higgins.

The SR will pick up the more detailed August numbers in a day or two. But Higgins summarized the key points for the local association:

  •    For August the average and median price actually fell slightly from July.
  •    Compared to August last year the average sold price is up 10.6 percent and the median is up 9.5 percent.

Washington state sees same housing trend: more home sales, falling prices

A week ago we ran out some numbers on the increasing number of home sales in Spokane County. The trend here is an increase number of sales, especially over the final six months of 2011 and continuing in January.

But average and median home sales continued to fall, compared with one year earlier. The reason, as stated by Rob Higgins of the Spokane Association of Realtors, is the large supply of distressed properties still being moved off the market.

So we will here offer a statewide view: Washington’s housing market in the final quarter of 2011 saw the highest seasonally-adjusted sales since the second quarter of 2010, according to the Runstad Center for Real Estate Studies at the University of Washington.

Sales strength reflected bargain hunting as well as the persistently large number of distressed properties being sold in lower-priced neighborhoods, said Glenn Crellin, associate director of the Runstad Center.

Statewide the seasonally adjusted sales rate during the quarter was 91,080 homes, meaning that if the relative sales rate for the quarter were continued for a year, that number of homes would be sold. The rate is 6 percent above the prior quarter and 9.6 percent higher than the closing quarter of 2010, when tax credit programs to stimulate housing demand were ending.

Just like in Spokane, statewide sales prices continued dropping. Median home prices continued to reflect the weak economy, Crellin said. The statewide median home price was $219,700, the lowest fourth-quarter price since 2003 when the median was $205,700.

That median home sale price declined 8 percent between the end of 2010 ($238,800) and the end of 2011.

Sales, median home prices and affordability data for each of Washington’s 39 counties are available at the Runstad website.

Spokane, CDA home prices slumping; bright spot is fewer foreclosures

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.

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