New home closings declined year-over-year in February in the Longview, WA market, but the decline was less than the year-over-year decline in January. New home closings moved from 4 a year earlier to 2 after the figure moved from 5 in January 2015 to 1 in January 2016.
A total of 28 new homes were sold during the 12 months that ended in February, down from 30 for the year that ended in January.
New home closings represented 2 out of the 134 total closings, which is a smaller percentage than the 4 of 132 total closings a year earlier. Following a year-over-year increase in January, closings of new and existing homes also gained year-over-year in February.
Pricing and Mortgage Trends
The average new home value went from $279,276 last year to $286,250. This was on the heels of a 50.0% boost in January year-over-year.
Average mortgage size on new homes went from $256,151 a year earlier to $269,089. Average mortgage size on new homes went from $225,127 in January 2015 to $299,155 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 2,133 square feet a year earlier to 1,975 square feet.
Foreclosures and real estate owned (REO) closings fell in February from a year earlier, but remained a drag on the market. Together, foreclosures plus REO closings made up 28.8% of existing home closings, down from 38.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 16.7% in February from 10.2% a year earlier while REO closings as a percentage of existing home closings slid to 12.1% from 28.1% a year earlier.