New home closings grew year-over-year in April in the Mount Vernon, WA market, but the increase was less than March 2016. New home closings moved from 13 a year earlier to 14 after the figure moved from 16 in March 2015 to 21 in March 2016.
A total of 198 new homes were sold during the 12 months that ended in April, up from 197 for the year that ended in March.
New home closings were 14 out of the 336 total closings, a move on a percentage basis from 13 of 258 a year earlier. Following a year-over-year increase in March, closings of new and existing homes also rose year-over-year in April.
Pricing and Mortgage Trends
The average price of new homes was $530,411, an increase from $306,379 a year earlier. This was on the heels of a 21.2% rise in March year-over-year.
Average mortgage size on new homes increased to $362,213 from $239,537 last year. In March 2016, average mortgage size gained 8.6% 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 rose from 2,178 square feet a year earlier to 3,124 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in April, but did not appear to be dragging the market. Combined, foreclosures plus REO closings represented 18.9% of existing home closings, below 21.2% a year earlier. The percentage of existing home closings involving foreclosures went from 7.8% in April 2015 to 8.4% in April 2016 and REO closings as a percentage of existing home closings declined to 10.6% from 13.5% a year earlier.