There was a rise in closings of new homes in the Olympia, WA market in September year-over-year, but signs of market leveling were showing as the percentage bump was less than August 2015. Closings gained 5.6% from a year earlier to 57. This came after a 14.8% boost year-over-year in August.
A total of 657 new homes were sold during the 12 months that ended in September, up from 654 for the year that ended in August.
Of the total number of closings, new home closings made up 11.6%. New home closings were 11.8% of overall closings last year. For new and existing homes, closings gained year-over-year in September after also increasing in August year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 11.3% gain year-over-year to $318,866 per unit in September. This rise is smaller than the 15.4% boost in August year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year along with new home prices. In September 2015, the average mortgage size was $282,610, a 18.1% surge from a year earlier. Average mortgage size grew 17.4% in August 2015 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 September 2015. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
There was a 2.1% hike year-over-year in the average unit size of newly sold homes to 2,282 square feet in September 2015. The average size of newly sold homes moved from 2,210 square feet in August 2014 to 2,371 square feet in August 2015. An increase was also seen in August 2015 when the average size of new homes sold jumped 7.3% to 2,371 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 22.1% of existing home closings, below 35.4% a year earlier. The percentage of existing home closings involving foreclosures sank to 9.2% in September from 13.9% a year earlier while REO closings as a percentage of existing home closings slid to 12.9% from 21.5% a year earlier.