Year to date, new home sales in Spokane Washington have seen a 29.3% increase over the same time last year. Whether you are in the market for a new home or not, this is good news. New home construction is a great market indicator.
Just a few short years ago, new home construction represented a very small part of the total home sales. Even after the local housing market was well into recovery construction was still quite low.
If a contractor is not able to build a home and sell it for a reasonable profit, this tells us that the homes we live in aren’t even worth what they would cost to build.
New home sales are one of the later indicators of a recovering market. The early indicators of market recovery were starting to appear four years ago.
When you look at this snapshot of other market indicators, it is plane to see that the Spokane real estate market is well into recovery. Sales continue to increase and inventory continues to decrease. These two factors being supply and demand are some of the earliest market indicators.
Both median and average sale prices continue to increase with the median price increasing at a greater rate than average. This indicates a less mature market recovery.
Distressed home sales represent a smaller portion of total sales. When the housing market is in distress, there are a high number of bank foreclosures and short sales being sold. As the market continues torecover, these numbers go down.
This market snapshot is put out by the Spokane Association of Realtors each month. New home construction sales are not actually on this market snapshot but they are still a very good market indicator.
See more information on 
The Spokane Real Estate Market.
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