In the Bremerton, WA market in August, closings of new homes jumped year-over-year, and the market seemed to be improving as the percentage rise was larger than that of July 2015. There was a 66.7% boost in new home closings from a year earlier. This came after a 35.0% rise year-over-year in July.
A total of 287 new homes were sold during the 12 months that ended in August, up from 273 for the year that ended in July.
New home closings represented 7.0% of overall housing closings. This marks a rise from 4.7% of total closings a year earlier. Following a year-over-year increase in July, closings of new and existing homes also grew year-over-year in August.
Pricing and Mortgage Trends
The average per-unit value of new homes slid year-over-year to $319,133 in August, a decline of 12.1% from a year earlier. This drop compares to a 20.1% surge in July year-over-year.
For newly sold homes, the average mortgage size saw a drop year-over-year in contrast to new home prices. Average mortgage size fell 8.3% to $291,259 in August from a year earlier. Average mortgage size gained 14.6% in July 2015 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 August 2015. Single-family home closings have represented all of new home closings while attached unit closings have made up no part of closings.
There was a 6.0% fall year-over-year in the average unit size of newly sold homes to 2,165 square feet in August 2015. In July, the average size of new homes sold went from 1,916 square feet a year earlier to 2,122 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 16.8% of existing home closings, down from 24.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 8.0% in August from 12.7% a year earlier while REO closings as a percentage of existing home closings sank to 8.9% from 11.6% a year earlier.