There was an increase in new home closings in the Bremerton, WA market in November year-over-year, but with a less pronounced percentage bump than October 2015, there are signals of market stabilization. Closings increased 86.7% from a year earlier to 28. In comparison, new home closings in the same month last year saw a more than twofold climb year-over-year in October.
A total of 331 new homes were sold during the 12 months that ended in November, up from 318 for the year that ended in October.
Of 354 total closings, 28 were of new homes. This is an increase on a percentage basis, as new home closings were 4.9% of total closings a year ago. For new and existing homes, closings rose year-over-year in November after also increasing in October year-over-year.
Pricing and Mortgage Trends
In November, the average price of newly sold homes climbed 24.2% year-over-year to $357,807 per unit. This bump is smaller than the 25.6% surge in October year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. It gained 26.6% in November from a year earlier to $326,190. In October 2015, average mortgage size on newly sold homes saw a 22.7% bump year-over-year from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. The share of new home closings belonging to single-family homes rose from 93.3% in November 2014 to all of closings in November 2015. Meanwhile, attached units as a percentage of all new home closings sank to no part of closings from 6.7% of closings.
The average unit size of newly sold homes gained 9.6% year-over-year to 2,273 square feet in November 2015. An increase in both the average size and price of newly sold homes was also seen in October 2015 when the average size increased 14.3% to 2,201 square feet. The average size of newly sold homes moved from 1,926 square feet in October 2014 to 2,201 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 19.6% of existing home closings, below 29.3% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.2% in November from 11.6% a year earlier while REO closings as a percentage of existing home closings slid to 10.4% from 17.7% a year earlier.