Closings of new homes in the Mount Vernon, WA market grew year-over-year in August,. Closings stood at 17 in August after being 14 a year earlier and remaining unchanged at 13 in July from a year earlier.
A total of 163 new homes were sold during the 12 months that ended in August, up from 160 for the year that ended in July.
New home closings were 17 out of 245 total closings, making up 6.9%. This is up on a percentage basis from 14 of 249 a year earlier. After rising year-over-year in July, closings of new and existing homes dropped year-over-year in August.
Pricing and Mortgage Trends
The average per-unit price of new homes was $331,637, compared with $381,344 last year. This was on the heels of a 16.2% lift in July year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $269,815 to $266,882. Average mortgage size on new homes went from $267,392 in July 2014 to $303,887 in July 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 August 2015.
The average unit size of newly sold homes fell from 1,747 square feet a year earlier to 1,367 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 19.7% of existing home closings, down from 26.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 13.2% in August from 14.9% a year earlier while REO closings as a percentage of existing home closings sank to 6.6% from 11.5% a year earlier.