New home closings in the Bremerton, WA market increased year-over-year in April, and the market seemed to be suggesting bolstering with a percentage hike stronger than March 2016. New home closings saw a more than twofold rise from a year earlier to 45. This came on the heels of a 46.2% climb year-over-year in March.
A total of 398 new homes were sold during the 12 months that ended in April, up from 375 for the year that ended in March.
Out of all housing closings, new home closings made up 9.7%. This is better than the 5.0% of closings a year earlier. For new and existing homes, closings gained year-over-year in April after also increasing in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes increased year-over-year in April to $367,335 per unit, a rise of 8.2%. This surge compares to a 4.5% drop in March from a year earlier.
The average mortgage size on newly sold homes increased year-over-year along with the average price of new homes. In April 2016, the average mortgage size was $328,539, a 6.4% gain from a year earlier. In March 2016, average mortgage size jumped 1.1% from a year earlier.
Other Market Trends
Single-family homes accounted for a greater percentage of new home closings than last year. The share of new home closings belonging to single-family homes rose from 90.9% in April 2015 to 95.6% of closings in April 2016. At the same time, the share of new home closings belonging to attached units fell to 4.4% of closings from 9.1% of closings.
The average unit size of newly sold homes gained 2.2% year-over-year to 2,251 square feet in April 2016. In March, the average size of new homes sold went from 2,332 square feet a year earlier to 2,184 square feet.
Foreclosures and real estate owned (REO) closings fell in April from a year earlier, but stayed a drag on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for a quarter of closings, below 27.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.7% in April from 9.8% a year earlier while REO closings as a percentage of existing home closings sank to 13.3% from 17.9% a year earlier.