In the Olympia, WA market in June, closings of new homes dropped year-over-year, but there were suggestions the market may be stabilizing with a percentage fall less steep as in May 2016. New home closings saw a decline of 6.4% from the year earlier to 73. This came after a 9.5% drop year-over-year in May.
A total of 690 new homes were sold during the 12 months that ended in June, down from 695 for the year that ended in May.
Out of all housing closings, new home closings accounted for 12.4%. This is a fall 14.3% of closings a year earlier. Closings of new and existing homes increased year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 5.8% boost year-over-year to $342,220 per unit in June. This gain is smaller than the 10.8% hike in May year-over-year.
For newly sold homes, the average mortgage size gained year-over-year along with new home prices. In June 2016, the average mortgage size was $303,688, a 9.3% rise from a year earlier. In May 2016, average mortgage size on newly sold homes saw a 8.8% gain year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have fallen. Attached unit closings increased from 1.3% of all closings in June 2015 to 4.1% of closings in June 2016. At the same time, the share belonging to single-family homes fell to 95.9% of closings from 98.7% of closings.
The average unit size of newly sold homes sank 2.0% year-over-year to 2,335 square feet in June 2016. The average size of newly sold homes moved from 2,284 square feet in May 2015 to 2,312 square feet in May 2016.
Together, foreclosures plus REO closings accounted for 20.9% of existing home closings. They made up 21.0% in June 2015. The percentage of existing home closings involving foreclosures went from 8.4% in June 2015 to 7.9% in June 2016 and REO closings moved from 12.6% of existing home closings in June 2015 to 13.0% in June 2016.