Closings of new homes in the Bellingham, WA market remained unchanged year-over-year in August, staying relatively stable after having decreased year-over-year in July. Closings remained level at 16 from a year earlier after the figure moved from 20 in July 2014 to 14 in July 2015.
A total of 196 new homes were sold during the 12 months that ended in August, equal to the number of new homes sold for the year that ended in July.
Out of all housing closings, new home closings made up 3.6%. New home closings were 4.0% of overall closings last year. Following a year-over-year increase in July, closings of new and existing homes also climbed year-over-year in August.
Pricing and Mortgage Trends
Average value of new homes sold in August was $332,437 per unit, down 1.5% from a year earlier. This decline is a drop off from the 6.2% fall in July from a year earlier.
Average mortgage size on new homes went from $283,649 in August 2014 to $286,354 in August 2015. Average mortgage size on new homes went from $307,901 in July 2014 to $242,760 in July 2015.
Other Market Trends
As a share of new home closings, single-family home closings have climbed from last year while the share belonging to attached units has fallen. Single-family home closings rose from 87.5% of new closings in August 2014 to all of closings in August 2015. Meanwhile, attached units as a percentage of all new home closings dropped to no part of closings from 12.5% of closings.
There was a 66.2% drop year-over-year in the average unit size of newly sold homes to 678 square feet in August 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 7.7% of existing home closings, below 9.8% a year earlier. The percentage of existing home closings involving foreclosures slid to 3.5% in August from 5.7% a year earlier and REO closings moved from 4.1% of existing home closings in August 2014 to 4.2% in August 2015.