There was an increase in new home closings in the Bremerton, WA market in January year-over-year, moving north after a fall in December 2015. New home closings saw a hike of 68.8% from the year earlier to 27. This came on the heels of a 10.8% decline year-over-year in December.
A total of 339 new homes were sold during the 12 months that ended in January, up from 328 for the year that ended in December.
As a percentage of overall housing closings, new home closings accounted for 9.1%. This marks a rise from 4.8% of total closings a year earlier. Following a year-over-year rise in December, closings of new and existing homes declined year-over-year in January.
Pricing and Mortgage Trends
In January, the average value of new homes saw a 1.6% lift year-over-year as it grew to $319,912 per unit. This gain is smaller than the 36.2% boost in December year-over-year.
The average mortgage size on newly sold homes rose year-over-year along with the average price of new homes. In January 2016, there was a 5.7% bump in the average mortgage size, reaching $303,535. In December 2015, average mortgage size climbed 11.8% 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 January 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
There was a 5.2% drop year-over-year in the average unit size of newly sold homes to 2,033 square feet in January 2016. In December, the average size of new homes sold went from 1,912 square feet a year earlier to 2,208 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings accounted for 25.3% of existing home closings, below 44.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 16.7% in January from 20.5% a year earlier while REO closings as a percentage of existing home closings dropped to 8.6% from 24.3% a year earlier.