In the Mount Vernon, WA market in July, new home closings climbed year-over-year, and the increase was greater than June 2016. New home closings moved from 14 a year earlier to 18 after the figure moved from 18 in June 2015 to 19 in June 2016.
A total of 212 new homes were sold during the 12 months that ended in July, up from 208 for the year that ended in June.
18 of the 296 total closings were new home closings, a shift on a percentage basis from 14 out of 271 a year earlier. After dropping in June from a year earlier, closings of new and existing homes rose year-over-year in July.
Pricing and Mortgage Trends
The average price of new homes was $476,956, an increase from $387,056 a year earlier. This came after a 10.1% decline in June from a year earlier.
The average mortgage size on new homes was $390,239, up from $318,170. In June 2016, average mortgage size slid 13.8% 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 6,186 square feet a year earlier to 2,313 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings represented 14.7% of closings, below 16.3% a year earlier. The percentage of existing home closings involving foreclosures rose to 8.3% in July from 5.4% a year earlier while REO closings as a percentage of existing home closings sank to 6.5% from 10.9% a year earlier.