New home closings in the Mount Vernon, WA market rose year-over-year in September, 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 of the 258 total closings, up on a percentage basis from 14 of 226 a year earlier. Closings of new and existing homes jumped year-over-year in September following a fall in August year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $388,627 from last year's $340,217. This was on the heels of a 13.0% decline in August from a year earlier.
Average mortgage size on new homes increased to $306,626 from $245,816 last year. 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 look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 13.7% of closings, below 24.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.0% in September from 10.4% a year earlier while REO closings as a percentage of existing home closings fell to 7.7% from 13.7% a year earlier.