The Olympia, WA market saw a drop in new home closings year-over-year in July, drawing a downward slope off of a rise in June 2015. New home closings saw a drop of 19.4% from the year earlier to 54. This followed a 40.4% rise year-over-year in June.
A total of 602 new homes were sold during the 12 months that ended in July, down from 615 for the year that ended in June.
Out of all housing closings, new home closings made up 10.1%. This is down from the 14.2% of closings a year earlier. Closings of new and existing homes increased year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average price of newly sold homes climbed year-over-year 3.8% in July to $306,935 per unit. This gain is smaller than the 8.9% rise in June year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In July 2015, there was a 5.4% bump in the average mortgage size, reaching $271,264. In June 2015, average mortgage size on newly sold homes saw a 8.9% rise year-over-year from a year earlier.
Other Market Trends
The percentage of new home closings belonging to single-family homes has risen from last year while the portion of new home closings belonging to attached units has dropped. Single-family home closings grew from 94.0% of new closings in July 2014 to 98.1% of closings in July 2015. Meanwhile, attached units as a percentage of all new home closings dropped to 1.9% of closings from 6.0% of closings.
The average unit size of newly sold homes increased 1.5% year-over-year to 2,241 square feet in July 2015. The average size of newly sold homes moved from 2,360 square feet in June 2014 to 2,299 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 24.1% of existing closings, lower than 26.7% a year earlier. The percentage of existing home closings involving foreclosures went from 11.4% in July 2014 to 11.0% in July 2015 and REO closings as a percentage of existing home closings slid to 13.1% from 15.3% a year earlier.