In the Mount Vernon, WA market in September, closings of new homes gained year-over-year, and the increase was greater than August 2015. New home closings moved from 14 a year earlier to 25 after the figure moved from 14 in August 2014 to 17 in August 2015.
A total of 178 new homes were sold during the 12 months that ended in September, up from 167 for the year that ended in August.
New home closings were 25 out of 258 total closings, making up 9.7%. This is up on a percentage basis from 14 of 226 a year earlier. Following a fall in August year-over-year, closings of new and existing homes climbed year-over-year in September.
Pricing and Mortgage Trends
The average price of new homes rose to $388,627 from last year's $340,217. This came after a 13.0% drop in August from a year earlier.
The average mortgage size on new homes was $306,626, up from $245,816. Average mortgage size on new homes went from $269,815 in August 2014 to $266,882 in August 2015.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 13.7% of existing home closings, below 24.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 6.0% in September from 10.4% a year earlier while REO closings as a percentage of existing home closings declined to 7.7% from 13.7% a year earlier.