The Longview, WA market saw no change in new home closings year-over-year in June, staying level after a year-over-year increase in May from a year earlier. Closings remained level at 1 from a year earlier after the figure moved from 1 in May 2015 to 2 in May 2016.
New home closings were 1 out of the 212 total closings, same on a percentage basis as a year earlier. For new and existing homes, closings grew year-over-year in June after also increasing in May year-over-year.
The average new home price was $133,000, down from $298,900 a year earlier. This followed a 7.7% decline in May from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in June 2016.
Foreclosures and real estate owned (REO) closings rose in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings represented 21.3% of existing home closings, up from 18.5% a year earlier. The percentage of existing home closings involving foreclosures stayed at 8.5% of closings in June from a year earlier while REO closings as a percentage of existing home closings increased to 12.8% from 10.1%.