New home closings sank year-over-year in December in the Bellingham, WA market, and the decline was by a larger percentage than the November 2015. New home closings moved from 23 a year earlier to 10 after the figure moved from 12 in November 2014 to 11 in November 2015.
A total of 178 new homes were sold during the 12 months that ended in December, down from 191 for the year that ended in November.
New home closings were 5.9% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 10 of the 336 total closings. Following a year-over-year increase in November, closings of new and existing homes sank year-over-year in December.
Pricing and Mortgage Trends
The average price for new homes in December 2015 was $304,659, a shift from $304,180 last year. This followed a 4.3% drop in November from a year earlier.
From the year-ago figure of $251,952, the average mortgage size on new homes moved up to $267,836. Average mortgage size on new homes went from $267,255 in November 2014 to $213,008 in November 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,178 square feet a year earlier to 1,637 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 8.9% of closings, below 26.8% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.4% in December from 18.6% a year earlier while REO closings as a percentage of existing home closings fell to 5.5% from 8.2% a year earlier.