In the Longview, WA market in January, new home closings slid year-over-year, and the decline was by a larger percentage than the December 2015. New home closings moved from 5 a year earlier to 1 after the figure moved from 2 in December 2014 to 1 in December 2015.
A total of 30 new homes were sold during the 12 months that ended in January, down from 34 for the year that ended in December.
New home closings were 3.6% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 1 of the 160 total closings. For new and existing homes, closings climbed year-over-year in January after also increasing in December year-over-year.
Pricing and Mortgage Trends
The average new home price was $314,900, up from $209,960 a year earlier. This was on the heels of a 14.8% bump in December year-over-year.
Average mortgage size on new homes rose from $225,127 to $299,155. Average mortgage size on new homes went from $204,507 in December 2014 to $250,000 in December 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in January 2016.
The average unit size of newly sold homes rose from 1,823 square feet a year earlier to 3,225 square feet.
Foreclosures and real estate owned (REO) closings declined in January from a year earlier, but remained a burden on the market. Combined, foreclosures plus REO closings made up 26.4% of existing home closings, below 32.8% a year earlier. The percentage of existing home closings involving foreclosures went from 14.9% in January 2015 to 15.1% in January 2016 and REO closings as a percentage of existing home closings dropped to 11.3% from 17.9% a year earlier.