Closings of new homes in the Bremerton, WA market remained unchanged year-over-year in June, remaining relatively unchanged after rising in May from the year earlier. Closings remained steady from a year earlier at 35. Closings saw a 73.9% hike in the same month last year.
A total of 418 new homes were sold during the 12 months that ended in June, equal to the number of new homes sold for the year that ended in May.
As a percentage of overall housing closings, new home closings made up 5.6% of overall housing closings. As a part of the whole, new home closings were 6.5% a year earlier. Following a year-over-year increase in May, closings of new and existing homes also climbed year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes fell by 4.1% year-over-year to $333,311 per unit in June. This fall compares to a 8.8% hike in May year-over-year.
The average mortgage size on newly sold homes saw a gain year-over-year in contrast to new home prices. The average mortgage size saw a 4.5% gain year-over-year to $311,905 in June. In May 2016, average mortgage size on newly sold homes saw a 7.3% lift year-over-year from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings jumped from 97.1% of new closings in June 2015 to all of closings in June 2016. Conversely, the share of new home closings belonging to attached units slid to no part of closings from 2.9% of closings.
For all new homes sold, the average unit size dropped 6.7% year-over-year to 2,056 square feet in June 2016. In May, the average size of new homes sold went from 2,345 square feet a year earlier to 2,072 square feet.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 18.7% of existing home closings, up from 18.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.2% in June from 10.1% a year earlier while REO closings as a percentage of existing home closings climbed to 10.4% from 8.5%.