New home closings in the Bremerton, WA market fell year-over-year in July, shifting down after remaining relatively stable in June from the year earlier. Closings slumped 10.0% from a year earlier to 27. Closings were unchanged in June from the year earlier.
A total of 415 new homes were sold during the 12 months that ended in July, down from 418 for the year that ended in June.
As a percentage of overall housing closings, new home closings made up 5.3% of overall housing closings. A year ago, new home closings accounted for 5.6%. Following a year-over-year increase in June, closings of new and existing homes declined year-over-year in July.
Pricing and Mortgage Trends
Average price of newly sold homes had a 3.3% boost year-over-year to $349,165 per unit in July. This rise compares to a 4.1% decline in June from a year earlier.
For newly sold homes, the average mortgage size saw a bump year-over-year along with new home prices. The average mortgage size saw a 6.7% hike year-over-year to $308,710 in July. In June 2016, average mortgage size on newly sold homes saw a 4.5% surge year-over-year 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. Single-family home closings rose from 96.7% of new closings in July 2015 to all of closings in July 2016. At the same time, the share of new home closings belonging to attached units dropped to no part of closings from 3.3% of closings.
For all new homes sold, the average unit size dropped 9.4% year-over-year to 1,974 square feet in July 2016. In June, the average size of new homes sold went from 2,203 square feet a year earlier to 2,056 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 15.7% of existing home closings, below 20.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 7.4% in July from 10.7% a year earlier while REO closings as a percentage of existing home closings slid to 8.2% from 9.7% a year earlier.