New home closings in the Mount Vernon, WA market climbed year-over-year in December, rebounding from a year-over-year decline in November 2015. New home closings moved from 17 a year earlier to 21 after the figure moved from 16 in November 2014 to 13 in November 2015.
A total of 175 new homes were sold during the 12 months that ended in December, up from 171 for the year that ended in November.
As a percentage of overall housing closings, new home closings accounted for 9.9%. This is better than the 7.6% of closings a year earlier. Following a year-over-year decline in November, closings of new and existing homes also fell year-over-year in December.
Pricing and Mortgage Trends
Average price of newly sold homes had a 6.4% fall year-over-year to $370,532 per unit in December. This drop is a drop off from the 12.5% fall in November from a year earlier.
For newly sold homes, the average mortgage size saw a decline year-over-year in contrast to new home prices. It declined 8.9% in December from a year earlier, reaching $288,080. Average mortgage size on new homes went from $248,369 in November 2014 to $285,747 in November 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 December 2015. Single-family home closings have accounted for all of new home closings while attached unit closings have made up no part of closings.
For all new homes sold, the average unit size declined 25.1% year-over-year to 2,224 square feet in December 2015. In November, the average size of new homes sold went from 2,778 square feet a year earlier to 2,541 square feet. A decrease in both the average size and price of newly sold homes was also seen in November 2015 when the average size gained 8.5% to 2,541 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 18.8% of existing closings, lower than 29.6% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.3% in December from 11.2% a year earlier while REO closings as a percentage of existing home closings slid to 12.6% from 18.4% a year earlier.