In June, closings of new homes in the Bellingham, WA market jumped year-over-year, bouncing back from a fall in May 2016. There was a 13.3% jump in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 12.9% drop year-over-year in May.
A total of 211 new homes were sold during the 12 months that ended in June, up from 209 for the year that ended in May.
As a percentage of overall housing closings, new home closings accounted for 3.1% of closings, relatively stable from a year earlier. Following a year-over-year increase in May, closings of new and existing homes also climbed year-over-year in June.
Pricing and Mortgage Trends
Average value of new homes sold in June was $336,095 per unit, down 8.2% from a year earlier. This fall compares to a 32.9% rise in May year-over-year.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. In June 2016, average mortgage size on new homes sold was $298,299, down 1.5% from a year earlier. Average mortgage size rose 37.2% in May 2016 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings jumped from 93.3% of new closings in June 2015 to all of closings in June 2016. Conversely, the share of new home closings belonging to attached units sank to no part of closings from 6.7% of closings.
The average unit size of newly sold homes declined 35.7% year-over-year to 1,335 square feet in June 2016. The average size of newly sold homes moved from 1,868 square feet in May 2015 to 2,529 square feet in May 2016.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 4.9% of closings, below 8.2% a year earlier. The percentage of existing home closings involving foreclosures went from 3.2% in June 2015 to 2.5% in June 2016 and REO closings as a percentage of existing home closings fell to 2.5% from 5.0% a year earlier.