In the Olympia, WA market in November, closings of new homes sank year-over-year, and there were suggestions of worsening market conditions as the percentage decline was steeper than October 2015. New home closings saw a 15.8% decline from a year earlier to 48. This came after a 9.8% drop year-over-year in October.
A total of 644 new homes were sold during the 12 months that ended in November, down from 653 for the year that ended in October.
As a percentage of overall housing closings, new home closings accounted for 14.0%. This is down from the 16.1% of closings a year earlier. After rising year-over-year in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
In November, the average price of newly sold homes grew year-over-year to $323,384 per unit, a 18.9% gain. This rise is higher than the 3.5% boost in October year-over-year.
The average mortgage size on new homes moved north year-over-year along with new home prices. It rose 5.0% in November from a year earlier to $285,201. In October 2015, average mortgage size on newly sold homes saw a 10.8% rise year-over-year from a year earlier.
Other Market Trends
As a percentage of new home closings, attached unit closings have grown from last year while single-family home closings have dropped. Attached unit closings increased from no part of all closings in November 2014 to 2.1% of closings in November 2015. Meanwhile, single-family home closings as a percentage of all new home closings slid to 97.9% of closings from all of closings.
The average unit size of newly sold homes sank 6.3% year-over-year to 2,012 square feet in November 2015. This fall was opposite the price boost, a pattern also seen in October 2015 when the average size of newly sold homes sank 6.1% to 2,068 square feet. The average size of newly sold homes moved from 2,202 square feet in October 2014 to 2,068 square feet in October 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in November, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 20.6% of closings, below 35.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.1% in November from 14.8% a year earlier while REO closings as a percentage of existing home closings dropped to 12.5% from 20.8% a year earlier.