In the Mount Vernon, WA market, closings of new homes sank year-over-year in July, a decline following a rise in June 2015. New home closings moved from 14 a year earlier to 13 after the figure moved from 16 in June 2014 to 17 in June 2015.
A total of 159 new homes were sold during the 12 months that ended in July, down from 160 for the year that ended in June.
Last year, 14 of 225 total closings were new homes, and this percentage saw a decline as new home closings this year made up 13 of the 281 total closings. Closings of new and existing homes climbed year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average new home price was $372,502, up from $320,692 a year earlier. This was on the heels of a 40.5% lift in June year-over-year.
From the year-ago figure of $235,030, the average mortgage size on new homes moved up to $303,887. Average mortgage size gained 33.2% in June 2015 from a year earlier.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 16.0% of existing closings, lower than 23.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 5.2% in July from 10.0% a year earlier while REO closings as a percentage of existing home closings declined to 10.8% from 13.7% a year earlier.