There was an increase in closings of new homes in the Longview, WA market in May year-over-year, rebounding from a year-over-year decline in April 2016. New home closings moved from 1 a year earlier to 2 after the figure moved from 3 in April 2015 to 1 in April 2016.
New home closings were 2 out of the 211 total closings, a move on a percentage basis from 1 of 177 a year earlier. Following a decline in April year-over-year, closings of new and existing homes grew year-over-year in May.
Pricing and Mortgage Trends
The average per-unit price of new homes was $240,000, compared with $259,900 last year. This came after a 3.8% fall in April from a year earlier.
There was a decline in average mortgage size on new homes, going from $229,900 last year to $218,913 in May 2016. Average mortgage size on new homes went from $284,622 in April 2015 to $271,485 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes fell from 2,060 square feet a year earlier to 1,716 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 21.5% of existing closings, lower than 31.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.0% in May from 13.6% a year earlier while REO closings as a percentage of existing home closings sank to 10.5% from 17.6% a year earlier.