In September, closings of new homes grew year-over-year in the Bremerton, WA market, but the market seemed to show signs of stabilizing as the percentage increased was less than in August 2015. There was a 20.0% boost in new home closings from a year earlier. In comparison, new home closings in the same month last year saw a 66.7% boost year-over-year in August.
A total of 296 new homes were sold during the 12 months that ended in September, up from 291 for the year that ended in August.
Out of all housing closings, new home closings made up 6.6%. A year ago, 6.1% of total closings were new home closings. Following a year-over-year increase in August, closings of new and existing homes also grew year-over-year in September.
Pricing and Mortgage Trends
In September, the average price of newly sold homes declined year-over-year to $324,867 per unit, marking a 7.8% decline from the year-earlier figure. This decline is a drop off from the 12.1% fall in August from a year earlier.
Average mortgage size on new homes saw a drop year-over-year in contrast to prices of new homes. In September 2015, the average mortgage size on newly sold homes saw a 7.8% fall from a year earlier. In August 2015, average mortgage size slid 8.3% from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings climbed from 96.0% of new closings in September 2014 to all of closings in September 2015. Conversely, the share of new home closings belonging to attached units slid to no part of closings from 4.0% of closings.
The average unit size of newly sold homes rose 1.5% year-over-year to 2,252 square feet in September 2015. The average size of newly sold homes moved from 2,304 square feet in August 2014 to 2,165 square feet in August 2015.
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. Foreclosures and REO closings, taken together, made up 19.4% of existing closings, lower than 26.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.6% in September from 11.9% a year earlier while REO closings as a percentage of existing home closings sank to 11.8% from 14.8% a year earlier.