In September, closings of new homes gained year-over-year in the Bellingham, WA market,. Closings stood at 19 in September after being 14 a year earlier and remaining unchanged at 16 in August from a year earlier.
A total of 201 new homes were sold during the 12 months that ended in September, up from 196 for the year that ended in August.
New home closings were 19 out of the 414 total closings, a move on a percentage basis from 14 of 364 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
The average per-unit price of new homes was $323,288, compared with $338,894 last year. This came after a 1.5% drop in August from a year earlier.
Average mortgage size on new homes fell from $280,364 to $276,642. It went from $283,649 to $286,354 from August 2014 to August 2015.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
The average unit size of newly sold homes fell from 2,327 square feet a year earlier to 1,247 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in September, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 10.6% of existing home closings, below 15.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 4.8% in September from 6.3% a year earlier while REO closings as a percentage of existing home closings dropped to 5.8% from 8.9% a year earlier.