There was a rise in closings of new homes in the Mount Vernon, WA market in February year-over-year, but the increase was less than January 2016. New home closings moved from 12 a year earlier to 14 after the figure moved from 7 in January 2015 to 16 in January 2016.
A total of 189 new homes were sold during the 12 months that ended in February, up from 187 for the year that ended in January.
Out of the 155 total closings, 14 were new home closings. This is consistent on a percentage basis with a year earlier. After remaining steady in January from a year earlier, closings of new and existing homes climbed in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $305,807, compared with $353,742 last year. This followed a 28.1% decline in January from a year earlier.
The average mortgage size went down to $247,313 from $299,920 a year earlier. Average mortgage size on new homes went from $330,570 in January 2015 to $233,725 in January 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 February 2016.
The average unit size of newly sold homes fell from 3,142 square feet a year earlier to 2,025 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in February, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 23.4% of existing home closings, down from 30.3% a year earlier. The percentage of existing home closings involving foreclosures fell to 10.6% in February from 13.1% a year earlier while REO closings as a percentage of existing home closings declined to 12.8% from 17.2% a year earlier.