Spokane7
55°
December 7, 2011 in Business, City
Area home sale prices continue to decline
But foreclosure sales have slowed in Spokane
Average home sales prices in Spokane fell by 4.1 percent in October, in line with national and regional declines 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 incapable of paying off a mortgage.
Excluding distressed home sales in October, Spokane’s average home sale price was 2.9 percent lower than in October 2010, according to CoreLogic, a national real estate data collector.
Coeur d’Alene home prices in October fell 10.3 percent; excluding distressed sales, Coeur d’Alene’s average sale price was 5.1 percent lower than in October 2010.
CoreLogic reported all U.S. home sales prices in October were 3.9 percent lower than a year earlier; excluding distressed sales, the average home sale price 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 median price for October home sales, compared with 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 November total for foreclosed sales in Spokane was 63, Higgins said.
Of the top 100 U.S. metropolitan statistical areas measured by population, 78 are showing year-over-year sales price declines in October, two fewer than in September, CoreLogic reported.
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misjustice on December 07 at 8:38 p.m.
Yes, when they’ve all be repossessed there will be a decline in how many are still being repo’ed. Yes, when the bank has them all back there’s nothing left to take. That makes a huge amount of sense!!
Shadedmuse on December 07 at 8:49 p.m.
that is because spokane is a non growth market that is contracting, if Spokane was a boom town, spokane would have over a million people and a 1 percent unemployment rate.
PROFINTOX on December 07 at 9:44 p.m.
Ha! I challenge you to name some place with a 1 percent unemployment rate.
liberal_in_right_wing_land on December 07 at 10:17 p.m.
I blame our new mayor the Condom.
madscientist on December 08 at 7:41 a.m.
The lowest rate, according the Bureau of Labor is 3.5 percent in North Dakota.