In the Bellingham, WA market, closings of new homes jumped year-over-year in June, rising after a decline in May 2016. There was a 13.3% boost in new home closings from a year earlier. This came after a 12.9% drop year-over-year in May.
A total of 211 new homes were sold during the 12 months that ended in June, up from 209 for the year that ended in May.
As a percentage of total closings, new home closings accounted for 3.1%, unchanged from a year ago. For new and existing homes, closings climbed year-over-year in June after also increasing in May year-over-year.
Pricing and Mortgage Trends
Average value of new homes sold in June was $336,095 per unit, down 8.2% from a year earlier. This fall compares to a 32.9% rise in May year-over-year.
For newly sold homes, the average mortgage size saw a fall year-over-year in contrast to new home prices. Average mortgage size sank by 1.5% from a year earlier, settling at $298,299 in June. Average mortgage size jumped 37.2% in May 2016 from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings gained from 93.3% of new closings in June 2015 to all of closings in June 2016. At the same time, the share of new home closings belonging to attached units fell to no part of closings from 6.7% of closings.
The average unit size of newly sold homes declined 35.7% year-over-year to 1,335 square feet in June 2016. In May, the average size of new homes sold went from 1,868 square feet a year earlier to 2,529 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 4.9% of existing home closings, below 8.2% a year earlier. The percentage of existing home closings involving foreclosures went from 3.2% in June 2015 to 2.5% in June 2016 and REO closings as a percentage of existing home closings sank to 2.5% from 5.0% a year earlier.