In the Seattle, WA market in July, new home closings grew year-over-year, but the percentage gain was not as steep as June 2015, giving signs of market leveling out. New home closings saw a jump of 14.3% from the year earlier to 616. This followed a 17.0% hike year-over-year in June.
A total of 6,538 new homes were sold during the 12 months that ended in July, up from 6,461 for the year that ended in June.
Closings of new homes made up 7.8% of total closings, consistent with last year's figures. Closings of new and existing homes grew year-over-year in July after also rising in June year-over-year.
Pricing and Mortgage Trends
The average per-unit price of newly sold homes jumped year-over-year to $564,618 in July, up 19.9% from last year. This lift is an improvement over the 11.2% surge in June year-over-year.
For newly sold homes, the average mortgage size grew year-over-year along with new home prices. It climbed 15.5% in July from a year earlier to $438,345. In June 2015, average mortgage size climbed 6.9% 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. Attached unit closings gained from 14.7% of all closings in July 2014 to 30.4% of closings in July 2015. Conversely, the share belonging to single-family homes fell to 69.6% of closings from 85.3% of closings.
The average unit size of newly sold homes went from 2,487 square feet in July 2014 to 2,498 square feet in July 2015. In June 2015, the average size of newly sold homes dropped 2.0% from the year earlier. The average size of newly sold homes moved from 2,478 square feet in June 2014 to 2,428 square feet in June 2015.
Foreclosures and real estate owned (REO) closings continued to drop 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 made up 15.3% of closings, below 19.7% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.4% in July from 9.4% a year earlier while REO closings as a percentage of existing home closings sank to 8.0% from 10.3% a year earlier.