In the Bremerton, WA market, closings of new homes dropped year-over-year in December, a shift downward off a rise in November 2015. New home closings saw a fall of 10.8% from the year earlier to 33. This came on the heels of a 86.7% hike year-over-year in November.
A total of 327 new homes were sold during the 12 months that ended in December, down from 331 for the year that ended in November.
As a percentage of overall housing closings, new home closings made up 8.5%. This is down from the a year earlier when new home closings made up 9.6% of total closings. After increasing in November from a year earlier, closings of new and existing homes remained level in December.
Pricing and Mortgage Trends
In December, the average value of new homes saw a 36.2% hike year-over-year as it grew to $359,333 per unit. This lift is an improvement over the 24.2% surge in November year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. In December 2015, the average mortgage size on newly sold homes saw a 11.8% surge from a year earlier. Average mortgage size climbed 26.6% in November 2015 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. The share of new home closings belonging to single-family homes jumped from 94.6% in December 2014 to all of closings in December 2015. Meanwhile, attached units as a percentage of all new home closings slid to no part of closings from 5.4% of closings.
The average unit size of newly sold homes grew 15.5% year-over-year to 2,208 square feet in December 2015. In November, the average size of new homes sold went from 2,074 square feet a year earlier to 2,306 square feet. An increase in both the average size and price of newly sold homes was also seen in November 2015 when the average size gained 11.2% to 2,306 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, accounted for 23.7% of existing closings, lower than 36.3% a year earlier. The percentage of existing home closings involving foreclosures slid to 9.6% in December from 15.6% a year earlier while REO closings as a percentage of existing home closings dropped to 14.1% from 20.7% a year earlier.