There was an increase in new home closings in the Mount Vernon, WA market in March year-over-year, and the increase was greater than February 2016. New home closings moved from 16 a year earlier to 21 after the figure moved from 12 in February 2015 to 14 in February 2016.
A total of 197 new homes were sold during the 12 months that ended in March, up from 192 for the year that ended in February.
As a percentage of overall housing closings, new home closings made up 8.4% of overall housing closings. As a part of the whole, new home closings were 7.8% a year earlier. Following a year-over-year increase in February, closings of new and existing homes also grew year-over-year in March.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes climbed year-over-year to $388,829 in March, up 21.2% from last year. This gain compares to a 13.6% drop in February from a year earlier.
For newly sold homes, the average mortgage size climbed year-over-year along with new home prices. In March 2016, the average mortgage size on newly sold homes saw a 8.6% surge from a year earlier. Average mortgage size on new homes went from $299,920 in February 2015 to $247,313 in February 2016.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have dipped. Attached unit closings rose from no part of all closings in March 2015 to 4.8% of closings in March 2016. At the same time, the share belonging to single-family homes declined to 95.2% of closings from all of closings.
There was a 9.4% surge year-over-year in the average unit size of newly sold homes to 2,731 square feet in March 2016. In February, the average size of new homes sold went from 3,142 square feet a year earlier to 2,025 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 17.1% of existing closings, lower than 22.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.1% in March from 9.6% a year earlier while REO closings as a percentage of existing home closings sank to 11.0% from 12.8% a year earlier.