The Olympia, WA market saw an increase in closings of new homes in September year-over-year, but there were signs of market leveling as the percentage bump was less than August 2015. There was a 5.6% boost in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 14.8% rise year-over-year in August.
A total of 657 new homes were sold during the 12 months that ended in September, up from 654 for the year that ended in August.
As a percentage of overall housing closings, new home closings accounted for 11.6% of overall housing closings. As a part of the whole, new home closings were 11.8% a year earlier. Closings of new and existing homes gained year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
In September, the average value of new homes saw a 11.3% hike year-over-year as it grew to $318,866 per unit. This lift is smaller than the 15.4% boost in August year-over-year.
For newly sold homes, the average mortgage size rose year-over-year along with new home prices. In September 2015, the average mortgage size was $282,610, a 18.1% boost from a year earlier. In August 2015, average mortgage size jumped 17.4% from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015. Single-family home closings have made up all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size grew 2.1% year-over-year to 2,282 square feet in September 2015. In August, the average size of new homes sold went from 2,210 square feet a year earlier to 2,371 square feet. An increase in both the average size and price of newly sold homes was also seen in August 2015 when the average size jumped 7.3% to 2,371 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 22.1% of existing home closings, below 35.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.2% in September from 13.9% a year earlier while REO closings as a percentage of existing home closings slid to 12.9% from 21.5% a year earlier.