The Bellingham, WA market saw a drop in new home closings year-over-year in February, declining after staying relatively stable in January from the year earlier. Closings stood at 10 in February after being 21 a year earlier and remaining unchanged at 9 in January from a year earlier.
A total of 193 new homes were sold during the 12 months that ended in February, down from 204 for the year that ended in January.
Last year, 21 of 285 total closings were new homes, and this percentage saw a decline as new home closings this year made up 10 of the 278 total closings. Following a year-over-year rise in January, closings of new and existing homes sank year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes rose to $318,080 from last year's $303,441. This was on the heels of a 4.9% fall in January from a year earlier.
From the year-ago figure of $258,352, the average mortgage size on new homes moved up to $275,841. Average mortgage size on new homes went from $270,340 in January 2015 to $227,464 in January 2016.
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 rose from 1,855 square feet a year earlier to 2,521 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 10.8% of existing home closings, below 15.5% a year earlier. The percentage of existing home closings involving foreclosures went from 4.9% in February 2015 to 4.1% in February 2016 and REO closings as a percentage of existing home closings declined to 6.7% from 10.6% a year earlier.