Posts tagged: Spokane housing market
The SR and Spokesman.com featured a business story today on the rising hope that the area's housing market is coming back.
Today's Washington Post had the exact same idea today. Here's its take, which is nearly identical to the SR story, in terms of why people care about new home construction:
New homes are popping up in more and more neighborhoods around the country in recent months, offering one of the most promising signs yet that the nation’s long-suffering housing market is actually starting to heal.
The increase in new home construction is particularly encouraging because of the economic benefits that ripple out each time a construction crew breaks ground. The growing demand for new homes has put contractors back to work, helped shore up some municipal budgets and pumped money into local economies.
“When you create jobs again in the housing market, you create some multiple of those jobs elsewhere,” said Brad Hunter, chief economist at Metrostudy, a national research firm that tracks new home construction. “To build a house, you’re causing more demand for lumber, furniture, drapes, carpets, cement, steel, appliances . . . These are all industries that get stimulated by housing.”
We gladly pass along interesting web comments that reflect on Spokane and the area's business climate.
Here's a recent blog entry from the chief economist of Zillow, the Seattle property-data and property-price service. The author, Stan Humphries, said that larger cities and especially big cities on the coasts, will face continuing increases in cost of living. That will help change the housing dynamic, he argues, in a post titled: Small Cities Will be the Best Housing Markets for the Next 20 Years.
The post appeared at the following link: http://www.businessinsider.com/people-still-want-to-buy-homes-but-theyll-have-to-move-to-smaller-cities-to-afford-them-2012-6#ixzz1z79Herv1
The key remarks are:
With all that said, in 20 years, do I think that most folks are going to be moving into the cities as some suggest? No, I don’t. My best guess is that the biggest winners in the housing market two decades from now are going to be small- to mid-sized cities, some close to larger metros and others more distant.
Specifically, I’m talking about communities like Austin (TX), Savannah (GA), Athens (GA), Rochester (NY), Boulder (CO), Madison (WI), Knoxville (TN), and Spokane (WA)
Realtor.com has generated a national ranking of home sales at the metro level, and found Spokane in April of this year ranked 143 out of 146 cities, based on the number of visitor searches on the Realtor.com website.
price increases and declines in number of homes for sale.
Realtor.com said April showed a continuing improvement in sales and prices; inventory of single-family homes, condos, townhouses and co-ops nationwide declined by 18.85 percent in April 2012 compared to a year ago, and declined in all but five of the 146 markets.
The company's data for Spokane was:
Seattle ranked 65th in total searches in the April listing, and Boise landed at 135th.
Seattle's major showing is a gain of 6.1 percent in median prices since last year, and a 4.5 percent gain in median prices of sold properties since March of this year. Seattle showed a whopping 40 percent decline in total listings on the market since April 2011.
Nationally, the median age of the inventory fell 11.57 percent on a year-over-year basis last month, and the median national list price declined slightly, down 0.35 percent in April 2012 compared to April 2011.