In February, closings of new homes in the Olympia, WA market rose year-over-year, rallying back from a fall in January 2016. New home closings saw a hike of 21.4% from the year earlier to 51. This came on the heels of a 28.6% drop year-over-year in January.
A total of 662 new homes were sold during the 12 months that ended in February, up from 653 for the year that ended in January.
Out of all housing closings, new home closings represented 14.5%. This is an increase on a percentage basis, as new home closings were 11.9% of total closings a year ago. After rising in January from a year earlier, closings of new and existing homes stayed steady in February.
Pricing and Mortgage Trends
In February, the average price of newly sold homes climbed year-over-year to $320,175 per unit, a 11.1% boost. This surge is better than the 1.5% boost in January year-over-year.
For newly sold homes, the average mortgage size saw a hike year-over-year along with new home prices. In February 2016, the average mortgage size was $283,019, a 5.1% bump from a year earlier. Average mortgage size jumped 11.4% in January 2016 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have risen from last year while single-family home closings have dropped. The share of new home closings belonging to attached units climbed from no part of closings in February 2015 to 5.9% of closings in February 2016. Meanwhile, single-family home closings as a percentage of all new home closings declined to 94.1% of closings from all of closings.
The average unit size of newly sold homes fell 3.2% year-over-year to 2,235 square feet in February 2016. This drop was opposite the price gain, a pattern also seen in January 2016 when the average size of newly sold homes sank 3.8% to 2,198 square feet. The average size of newly sold homes moved from 2,284 square feet in January 2015 to 2,198 square feet in January 2016.
Foreclosures and real estate owned (REO) closings decreased in February from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings made up 31.2% of closings, below 42.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.9% in February from 14.7% a year earlier while REO closings as a percentage of existing home closings slid to 15.3% from 27.6% a year earlier.