In the Mount Vernon, WA market, new home closings rose year-over-year in April, but the increase was less than March 2016. New home closings moved from 13 a year earlier to 14 after the figure moved from 16 in March 2015 to 21 in March 2016.
A total of 198 new homes were sold during the 12 months that ended in April, up from 197 for the year that ended in March.
New home closings were 14 out of the 336 total closings, a move on a percentage basis from 13 of 258 a year earlier. Closings of new and existing homes climbed year-over-year in April after also rising in March year-over-year.
Pricing and Mortgage Trends
The average new home value went from $306,379 last year to $530,411. This was on the heels of a 21.2% lift in March year-over-year.
Average mortgage size on new homes increased to $362,213 from $239,537 last year. In March 2016, average mortgage size gained 8.6% from a year earlier.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes rose from 2,178 square feet a year earlier to 3,124 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings represented 18.9% of closings, below 21.2% a year earlier. The percentage of existing home closings involving foreclosures went from 7.8% in April 2015 to 8.4% in April 2016 and REO closings as a percentage of existing home closings dropped to 10.6% from 13.5% a year earlier.