New home closings in the Bremerton, WA market grew year-over-year in July, but there were signs of market leveling as the percentage gain was less than June 2015. New home closings saw a 35.0% climb from a year earlier to 27. This came after a 39.1% jump year-over-year in June.
A total of 271 new homes were sold during the 12 months that ended in July, up from 264 for the year that ended in June.
New home closings represented 5.1% of overall housing closings. A year earlier, new home closings accounted for 4.3% of total closings. Closings of new and existing homes jumped year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes increased year-over-year to $317,313 in July, up 20.1% from last year. This lift is an improvement over the 5.1% bump in June year-over-year.
There was a rise year-over-year in the average mortgage size on new homes along with new home prices. In July 2015, the average mortgage size was $269,120, a 14.6% boost from a year earlier. In June 2015, average mortgage size dropped 1.3% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. The share of new home closings belonging to single-family homes increased from 90.0% in July 2014 to 96.3% of closings in July 2015. At the same time, the share of new home closings belonging to attached units sank to 3.7% of closings from 10.0% of closings.
For all new homes sold, the average unit size jumped 10.8% year-over-year to 2,122 square feet in July 2015. The average size of newly sold homes moved from 2,301 square feet in June 2014 to 2,275 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 19.0% of existing home closings, below 24.0% a year earlier. The percentage of existing home closings involving foreclosures stayed at 9.4% of closings in July from a year earlier while REO closings as a percentage of existing home closings sank to 9.6% from 14.6% a year earlier.