The Mount Vernon, WA market saw a rise in new home closings in June year-over-year, but the increase was less than May 2016. New home closings moved from 18 a year earlier to 19 after the figure moved from 13 in May 2015 to 21 in May 2016.
A total of 208 new homes were sold during the 12 months that ended in June, up from 207 for the year that ended in May.
Of the total number of closings, new home closings made up 7.3%. A year ago, 6.5% of total closings were new home closings. After rising year-over-year in May, closings of new and existing homes declined year-over-year in June.
Pricing and Mortgage Trends
For newly sold homes, the average price slid 10.1% year-over-year in June to $382,822 per unit. This drop compares to a 4.5% boost in May year-over-year.
Average mortgage size on new homes saw a decline year-over-year in contrast to prices of new homes. In June 2016, average mortgage size on new homes sold was $288,923, down 13.8% from a year earlier. Average mortgage size on new homes went from $348,886 in May 2015 to $332,041 in May 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 June 2016. Single-family home closings have accounted for all of new home closings while attached unit closings have represented no part of closings.
For all new homes sold, the average unit size declined 38.3% year-over-year to 2,313 square feet in June 2016. The average size of newly sold homes moved from 4,167 square feet in May 2015 to 2,446 square feet in May 2016.
Foreclosures and real estate owned (REO) closings increased in June from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.3% of existing home closings, up from 17.1% a year earlier. The percentage of existing home closings involving foreclosures went from 6.2% in June 2015 to 7.1% in June 2016 and REO closings moved from 10.9% of existing home closings in June 2015 to 11.2% in June 2016.