In the Bremerton, WA market in May, new home closings rose year-over-year, but the market seemed to show signs of stabilizing as the percentage jumped was less than in April 2016. New home closings saw a climb of 73.9% from the year earlier to 40. This followed a more than twofold hike year-over-year in April.
A total of 415 new homes were sold during the 12 months that ended in May, up from 398 for the year that ended in April.
Out of all housing closings, new home closings made up 7.4%. This is better than the 5.9% of closings a year earlier. Closings of new and existing homes climbed year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
In May, there was a 8.8% gain year-over-year in the average price of newly sold homes, reaching $413,800 per unit. This boost is higher than the 8.2% gain in April year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In May 2016, the average mortgage size was $318,624, up 7.3% from a year earlier. In April 2016, average mortgage size on newly sold homes saw a 6.4% boost year-over-year from a year earlier.
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. The share of new home closings belonging to attached units grew from no part of closings in May 2015 to 10.0% of closings in May 2016. Conversely, the share belonging to single-family homes dropped to 90.0% of closings from all of closings.
For all new homes sold, the average unit size declined 11.6% year-over-year to 2,072 square feet in May 2016. The average size of newly sold homes moved from 2,203 square feet in April 2015 to 2,251 square feet in April 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 17.9% of existing home closings, down from 26.5% a year earlier. The percentage of existing home closings involving foreclosures slid to 7.2% in May from 12.4% a year earlier while REO closings as a percentage of existing home closings sank to 10.6% from 14.1% a year earlier.