In the Olympia, WA market, closings of new homes rose year-over-year in March, but the percentage gain, which was less than February 2016, seemed to suggest market leveling. There was a 18.4% rise in new home closings from a year earlier. This was after the housing market saw a 23.8% jump year-over-year in February.
A total of 678 new homes were sold during the 12 months that ended in March, up from 669 for the year that ended in February.
Out of all housing closings, new home closings made up 13.1%. This is an increase on a percentage basis, as new home closings were 11.6% of total closings a year ago. New and existing home closings climbed in March after a remaining level in February from a year earlier.
Pricing and Mortgage Trends
For newly sold homes, the average price moved from $315,139 in March 2015 to $317,088 in March 2016. This followed a 11.2% boost in February year-over-year.
The average mortgage size on newly sold homes moved south year-over-year in contrast to new home prices. It sank to $284,663 in March, a 1.5% drop. In February 2016, average mortgage size on newly sold homes saw a 5.5% lift year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have climbed from last year while closings of single-family homes have fallen. Attached unit closings grew from no part of all closings in March 2015 to 3.4% of closings in March 2016. Meanwhile, single-family home closings as a percentage of all new home closings sank to 96.6% of closings from all of closings.
There was a move in the average unit size of newly sold homes from 2,218 square feet in March 2015 to 2,214 square feet in March 2016. The average size of newly sold homes moved from 2,310 square feet in February 2015 to 2,249 square feet in February 2016. In February 2016, the average size of newly sold homes dropped 2.6% from the year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in March, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 21.0% of existing home closings, below 30.9% a year earlier. The percentage of existing home closings involving foreclosures went from 9.1% in March 2015 to 8.5% in March 2016 and REO closings as a percentage of existing home closings fell to 12.4% from 21.8% a year earlier.