In January, there was an increase in closings of new homes in the Mount Vernon, WA market year-over-year, and the increase was greater than December 2015. New home closings moved from 7 a year earlier to 16 after the figure moved from 17 in December 2014 to 21 in December 2015.
A total of 184 new homes were sold during the 12 months that ended in January, up from 175 for the year that ended in December.
New home closings were 16 out of 140 total closings, making up 11.4%. This is up on a percentage basis from 7 of 143 a year earlier. Closings of new and existing homes declined year-over-year in January after also falling in December year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $276,934, down from last year's $385,126. This followed a 6.4% fall in December from a year earlier.
The average mortgage size moved to $233,725, down from last year's $330,570. Average mortgage size fell 8.9% in December 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes fell from 3,315 square feet a year earlier to 1,743 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but stayed a drag on the market. Combined, foreclosures plus REO closings accounted for a quarter of existing home closings, below 26.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.9% in January from 8.8% a year earlier while REO closings as a percentage of existing home closings declined to 12.1% from 17.6% a year earlier.