New home closings in the Longview, WA market declined year-over-year in April, but the decline was less than the year-over-year decline in March. New home closings moved from 3 a year earlier to 1 after the figure moved from 3 in March 2015 to none in March 2016.
On a percentage basis, new home closings as a part of total closings decreased to 0.6% from 1.7% a year earlier. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $301,650, down from last year's $313,556. This was on the heels of a.
Average mortgage size on new homes fell from $284,622 to $271,485.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
The average unit size of newly sold homes rose from 1,884 square feet a year earlier to 2,657 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 21.3% of existing home closings, below 32.8% a year earlier. The percentage of existing home closings involving foreclosures dropped to 11.6% in April from 13.0% a year earlier while REO closings as a percentage of existing home closings fell to 9.8% from 19.8% a year earlier.