New home closings in the Bellingham, WA market climbed year-over-year in March, rebounding from a year-over-year decline in February 2016. New home closings moved from 12 a year earlier to 14 after the figure moved from 24 in February 2015 to 12 in February 2016.

A total of 219 new homes were sold during the 12 months that ended in March, up from 217 for the year that ended in February.

New home closings were 14 out of the 430 total closings, a move on a percentage basis from 12 of 335 a year earlier. After dropping in February from a year earlier, closings of new and existing homes jumped year-over-year in March.

Pricing and Mortgage Trends

The average price for newly sold homes moved north to $359,840 from $328,096 a year ago. This was on the heels of a 7.2% lift in February year-over-year.

Average mortgage size on new homes moved from $274,108 to $273,336. Average mortgage size on new homes went from $256,043 in February 2015 to $272,573 in February 2016.

Other Market Trends

As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.

The average unit size of newly sold homes rose from 1,899 square feet a year earlier to 1,971 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in March, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 7.7% of existing closings, lower than 14.2% a year earlier. The percentage of existing home closings involving foreclosures sank to 3.6% in March from 4.6% a year earlier while REO closings as a percentage of existing home closings slid to 4.1% from 9.6% a year earlier.

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