There was a rise in new home closings in the Bremerton, WA market in May year-over-year, but signs of market leveling were showing as the percentage hike was less than April 2016. There was a 73.9% jump in new home closings from a year earlier. This followed a more than twofold boost year-over-year in April.
A total of 415 new homes were sold during the 12 months that ended in May, up from 398 for the year that ended in April.
Out of all housing closings, new home closings represented 7.4%. This marks a rise from 5.9% of total closings a year earlier. Closings of new and existing homes climbed year-over-year in May after also rising in April year-over-year.
Pricing and Mortgage Trends
Average price of newly sold homes had a 8.8% gain year-over-year to $413,800 per unit in May. This bump is better than the 8.2% lift in April year-over-year.
The average mortgage size on newly sold homes saw a boost year-over-year along with new home prices. In May 2016, average mortgage size grew 7.3% from a year earlier to $318,624. In April 2016, average mortgage size on newly sold homes saw a 6.4% hike year-over-year from a year earlier.
Other Market Trends
Closings of attached units, as a percentage of new home closings, have gained from last year while closings of single-family homes have slumped. The share of new home closings belonging to attached units rose from no part of closings in May 2015 to 10.0% of closings in May 2016. Meanwhile, single-family home closings as a percentage of all new home closings fell to 90.0% of closings from all of closings.
The average unit size of newly sold homes declined 11.6% year-over-year to 2,072 square feet in May 2016. In April, the average size of new homes sold went from 2,203 square feet a year earlier to 2,251 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 17.9% of existing home closings, down from 26.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.2% in May from 12.4% a year earlier while REO closings as a percentage of existing home closings sank to 10.6% from 14.1% a year earlier.