In the Bellingham, WA market in November, new home closings slid year-over-year, a decline following a rise in October 2015. New home closings moved from 12 a year earlier to 11 after the figure moved from 15 in October 2014 to 18 in October 2015.

A total of 203 new homes were sold during the 12 months that ended in November, down from 204 for the year that ended in October.

11 of the 305 total closings were new home closings, a shift on a percentage basis from 12 out of 273 a year earlier. For new and existing homes, closings climbed year-over-year in November after also increasing in October year-over-year.

Pricing and Mortgage Trends

The average per-unit price of new homes was $305,250, compared with $319,005 last year. This came after a 4.7% bump in October year-over-year.

Average mortgage size on new homes fell from $267,255 to $213,008. Average mortgage size fell 7.8% in October 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 November 2015.

The average unit size of newly sold homes fell from 2,444 square feet a year earlier to 1,423 square feet.

Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 12.9% of existing closings, lower than 13.8% a year earlier. The percentage of existing home closings involving foreclosures went from 6.5% in November 2014 to 5.8% in November 2015 and REO closings moved from 7.3% of existing home closings in November 2014 to 7.1% in November 2015.

Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Bellingham, WA area.