Closings of new homes dropped year-over-year in April in the Bellingham, WA market, a decline following a rise in March 2016. New home closings moved from 23 a year earlier to 17 after the figure moved from 12 in March 2015 to 14 in March 2016.
A total of 213 new homes were sold during the 12 months that ended in April, down from 219 for the year that ended in March.
New home closings made up 4.1% of overall housing closings. This is down from the a year earlier when new home closings represented 5.4% of total closings. Following a year-over-year rise in March, closings of new and existing homes fell year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes saw a 10.6% surge year-over-year in April to $381,266 per unit. This boost is better than the 9.7% rise in March year-over-year.
For newly sold homes, the average mortgage size increased year-over-year along with new home prices. In April 2016, the average mortgage size was $311,959, a 9.7% gain from a year earlier. Average mortgage size went from $274,108 in March 2015 to $273,336 in March 2016.
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. The share of new home closings belonging to single-family homes grew from 95.7% in April 2015 to all of closings in April 2016. At the same time, the share of new home closings belonging to attached units declined to no part of closings from 4.3% of closings.
The average unit size of newly sold homes jumped 13.4% year-over-year to 2,155 square feet in April 2016. An increase in both the average size and price of newly sold homes was also seen in March 2016 when the average size increased 3.8% to 1,971 square feet. In March, the average size of new homes sold went from 1,899 square feet a year earlier to 1,971 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 7.0% of closings, below 12.1% a year earlier. The percentage of existing home closings involving foreclosures stayed at 3.0% of closings in April from a year earlier while REO closings as a percentage of existing home closings slid to 4.0% from 9.2% a year earlier.