New home closings slid year-over-year in April in the Bellingham, WA market, falling after a rise in March 2016. New home closings moved from 23 a year earlier to 17 after the figure moved from 12 in March 2015 to 14 in March 2016.
A total of 213 new homes were sold during the 12 months that ended in April, down from 219 for the year that ended in March.
As a percentage of overall housing closings, new home closings accounted for 4.1%. This is down from the a year earlier when new home closings accounted for 5.4% of total closings. Following a year-over-year rise in March, closings of new and existing homes dropped year-over-year in April.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes grew year-over-year to $381,266 in April, up 10.6% from last year. This surge is an improvement over the 9.7% lift in March year-over-year.
The average mortgage size on newly sold homes jumped year-over-year along with the average price of new homes. In April 2016, there was a 9.7% hike in the average mortgage size, reaching $311,959. It went from $274,108 to $273,336 from March 2015 to March 2016.
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 increased from 95.7% of new closings in April 2015 to all of closings in April 2016. Conversely, the share of new home closings belonging to attached units slid to no part of closings from 4.3% of closings.
There was a 13.4% gain year-over-year in the average unit size of newly sold homes to 2,155 square feet in April 2016. In March, the average size of new homes sold went from 1,899 square feet a year earlier to 1,971 square feet. An increase in both the average size and price of newly sold homes was also seen in March 2016 when the average size gained 3.8% to 1,971 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 7.0% of existing home closings, down from 12.1% a year earlier. The percentage of existing home closings involving foreclosures stayed at 3.0% of closings in April from a year earlier while REO closings as a percentage of existing home closings declined to 4.0% from 9.2% a year earlier.