In the Bellingham, WA market, new home closings declined year-over-year in July, dropping after a year-over-year increase in June 2016. New home closings moved from 19 a year earlier to 12 after the figure moved from 15 in June 2015 to 17 in June 2016.
A total of 204 new homes were sold during the 12 months that ended in July, down from 211 for the year that ended in June.
On a percentage basis, new home closings as a part of total closings decreased to 2.5% from 3.8% a year earlier. Following a year-over-year rise in June, closings of new and existing homes dropped year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $388,868, an increase from $358,326 a year earlier. This came after a 8.2% drop in June from a year earlier.
The average mortgage size on new homes was $286,350, up from $267,600. In June 2016, average mortgage size slid 1.5% 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 July 2016.
The average unit size of newly sold homes fell from 2,004 square feet a year earlier to 1,440 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 5.4% of existing home closings, below 7.4% a year earlier. The percentage of existing home closings involving foreclosures went from 3.1% in July 2015 to 2.6% in July 2016 and REO closings as a percentage of existing home closings sank to 2.8% from 4.3% a year earlier.