In November, there was a decline year-over-year in new home closings in the Mount Vernon, WA market, but the decline was less than the year-over-year decline in October. New home closings moved from 16 a year earlier to 13 after the figure moved from 15 in October 2014 to 11 in October 2015.
A total of 171 new homes were sold during the 12 months that ended in November, down from 174 for the year that ended in October.
New home closings were 13 of the 191 total closings, up on a percentage basis from 16 of 282 a year earlier. After rising year-over-year in October, closings of new and existing homes declined year-over-year in November.
Pricing and Mortgage Trends
The average new home price was $332,013, down from $379,287 a year earlier. This followed a 5.9% boost in October year-over-year.
Average mortgage size on new homes went from $248,369 a year earlier to $285,747. Average mortgage size on new homes went from $277,094 in October 2014 to $326,023 in October 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in November 2015.
The average unit size of newly sold homes fell from 2,189 square feet a year earlier to 1,580 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 16.3% of existing home closings, below 17.7% a year earlier. The percentage of existing home closings involving foreclosures went from 7.5% in November 2014 to 7.3% in November 2015 and REO closings as a percentage of existing home closings sank to 9.0% from 10.2% a year earlier.