There was a rise in closings of new homes in the Bremerton, WA market in February year-over-year, but as the percentage grew less than January 2016, the market seemed to show signs of leveling. New home closings saw a rise of 40.0% from the year earlier to 28. In comparison, new home closings in the same month last year saw a 68.8% hike year-over-year in January.
A total of 355 new homes were sold during the 12 months that ended in February, up from 347 for the year that ended in January.
Of 325 total closings, 28 were of new homes. This is a hike from 6.5% of closings a year earlier. Closings of new and existing homes climbed year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
In February, the average price of newly sold homes sank 7.6% year-over-year to $318,025 per unit. This fall compares to a 1.6% surge in January year-over-year.
Average mortgage size on new homes dropped year-over-year in contrast to new home prices. It slid 5.5% in February from a year earlier, reaching $277,082. Average mortgage size rose 5.7% in January 2016 from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have gained from last year while single-family home closings have dropped. Attached unit closings increased from no part of all closings in February 2015 to 3.6% of closings in February 2016. Meanwhile, single-family home closings as a percentage of all new home closings dropped to 96.4% of closings from all of closings.
There was a 12.8% drop year-over-year in the average unit size of newly sold homes to 1,951 square feet in February 2016. The average size of newly sold homes moved from 2,145 square feet in January 2015 to 2,033 square feet in January 2016.
Foreclosures and real estate owned (REO) closings declined in February from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for 29.3% of existing home closings, below 31.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 11.8% in February from 15.2% a year earlier while REO closings as a percentage of existing home closings climbed to 17.5% from 16.3%.