In the Bremerton, WA market in April, closings of new homes jumped year-over-year, and there were suggestions of strengthening market conditions as the percentage rise was an greater than March 2016. Closings gained more than twofold from a year earlier to 45. This was after the housing market saw a 46.2% hike year-over-year in March.
A total of 398 new homes were sold during the 12 months that ended in April, up from 375 for the year that ended in March.
Out of all housing closings, new home closings represented 9.7%. This is an increase on a percentage basis, as new home closings were 5.0% of total closings a year ago. Following a year-over-year increase in March, closings of new and existing homes also climbed year-over-year in April.
Pricing and Mortgage Trends
Average price of newly sold homes had a 8.2% surge year-over-year to $367,335 per unit in April. This hike compares to a 4.5% fall in March from a year earlier.
There was a lift year-over-year in the average mortgage size on new homes along with new home prices. In April 2016, the average mortgage size was $328,539, up 6.4% from a year earlier. In March 2016, average mortgage size on newly sold homes saw a 1.1% surge year-over-year 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 increased from 90.9% in April 2015 to 95.6% of closings in April 2016. Meanwhile, attached units as a percentage of all new home closings dropped to 4.4% of closings from 9.1% of closings.
There was a 2.2% lift year-over-year in the average unit size of newly sold homes to 2,251 square feet in April 2016. The average size of newly sold homes moved from 2,332 square feet in March 2015 to 2,184 square feet in March 2016.
Foreclosures and real estate owned (REO) closings declined in April from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO closings accounted for a quarter of existing home closings, down from 27.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.7% in April from 9.8% a year earlier while REO closings as a percentage of existing home closings declined to 13.3% from 17.9% a year earlier.