New home closings declined year-over-year in July in the Bellingham, WA market, but the decline was less than the year-over-year decline in June. New home closings moved from 20 a year earlier to 14 after the figure moved from 24 in June 2014 to 13 in June 2015.
A total of 194 new homes were sold during the 12 months that ended in July, down from 200 for the year that ended in June.
Last year, 20 of 456 total closings were new homes, and this percentage saw a decline as new home closings this year made up 14 of the 500 total closings. Closings of new and existing homes gained year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $324,237, down from last year's $345,752. This was on the heels of a 14.8% fall in June from a year earlier.
The average mortgage size went down to $242,760 from $307,901 a year earlier. Average mortgage size on new homes went from $280,799 in June 2014 to $251,135 in June 2015.
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.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 6.8% of closings, below 22.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 2.5% in July from 6.2% a year earlier while REO closings as a percentage of existing home closings declined to 4.3% from 15.8% a year earlier.