New home closings increased year-over-year in August in the Olympia, WA market, swinging up off a relatively small change in July from the year earlier. Closings rose 13.0% from a year earlier to 61. Closings were unchanged in July from the year earlier.
A total of 648 new homes were sold during the 12 months that ended in August, up from 641 for the year that ended in July.
Out of all housing closings, new home closings represented 13.1%. As a part of the whole, new home closings were 12.3% a year earlier. For new and existing homes, closings climbed year-over-year in August after also increasing in July year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes increased year-over-year 12.8% in August to $318,748 per unit. This hike is better than the 5.2% bump in July year-over-year.
The average mortgage size on newly sold homes saw a surge year-over-year along with new home prices. Average mortgage size rose 17.4% to $286,004 in August from a year earlier. Average mortgage size rose 4.8% in July 2015 from a year earlier.
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. The share of new home closings belonging to single-family homes rose from 96.3% 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 3.7% of closings.
There was a 7.2% bump year-over-year in the average unit size of newly sold homes to 2,369 square feet in August 2015. An increase was also seen in July 2015 when the average size of new homes sold jumped 5.0% to 2,318 square feet. In July, the average size of new homes sold went from 2,208 square feet a year earlier to 2,318 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in August, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.2% of closings, below 30.5% a year earlier. The percentage of existing home closings involving foreclosures sank to 8.1% in August from 12.8% a year earlier while REO closings as a percentage of existing home closings slid to 12.1% from 17.7% a year earlier.