New home closings in the Mount Vernon, WA market jumped year-over-year in May, and the increase was greater than April 2016. New home closings moved from 13 a year earlier to 21 after the figure moved from 13 in April 2015 to 15 in April 2016.
A total of 207 new homes were sold during the 12 months that ended in May, up from 199 for the year that ended in April.
New home closings were 21 of the 277 total closings, up on a percentage basis from 13 of 252 a year earlier. Following a year-over-year increase in April, closings of new and existing homes also increased year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $440,083 from $421,279 a year ago. This was on the heels of a 65.4% bump in April year-over-year.
The average mortgage size moved to $332,041, down from last year's $348,886. Average mortgage size on new homes went from $239,537 in April 2015 to $340,300 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes fell from 4,167 square feet a year earlier to 2,446 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 14.5% of existing closings, lower than 25.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 5.9% in May from 10.9% a year earlier while REO closings as a percentage of existing home closings fell to 8.6% from 14.2% a year earlier.