Closings of new homes in the Bellingham, WA market saw no change year-over-year in January, staying relatively stable after having decreased year-over-year in December. Closings remained level at 9 from a year earlier after the figure moved from 23 in December 2014 to 15 in December 2015.

A total of 204 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.

9 of the 272 total closings were new home closings, a shift on a percentage basis from 9 out of 237 a year earlier. Closings of new and existing homes gained year-over-year in January following a decline in December year-over-year.

Pricing and Mortgage Trends

The average new home price was $316,261, down from $332,611 a year earlier. This was on the heels of a 6.9% lift in December year-over-year.

There was a decline in average mortgage size on new homes, going from $270,340 last year to $227,464 in January 2016. In December 2015, average mortgage size on newly sold homes saw a 6.4% rise year-over-year from a year earlier.

Other Market Trends

The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.

The average unit size of newly sold homes fell from 2,101 square feet a year earlier to 1,816 square feet.

Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.4% of closings, below 22.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.2% in January from 9.6% a year earlier while REO closings as a percentage of existing home closings sank to 7.2% from 13.2% a year earlier.

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