In September, there was an increase in closings of new homes in the Bellingham, WA market year-over-year,. Closings stood at 19 in September after being 14 a year earlier and remaining unchanged at 16 in August from a year earlier.
A total of 201 new homes were sold during the 12 months that ended in September, up from 196 for the year that ended in August.
19 of the 414 total closings were new home closings, a shift on a percentage basis from 14 out of 364 a year earlier. Closings of new and existing homes gained year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in September 2015 was $323,288, down from last year's $338,894. This was on the heels of a 1.5% drop in August from a year earlier.
The average mortgage size went down to $276,642 from $280,364 a year earlier. Average mortgage size went from $283,649 in August 2014 to $286,354 in August 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,327 square feet a year earlier to 1,247 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 10.6% of existing home closings, below 15.1% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.8% in September from 6.3% a year earlier while REO closings as a percentage of existing home closings sank to 5.8% from 8.9% a year earlier.