New Home Closings and Prices in Bellingham Increase According to Newest Figures
Posted on: May 06, 2013 07:03:34 AM
There was an increase in closings of new homes in the Bellingham, WA market in February year-over-year, rebounding from a year-over-year decline in January 2013. New home closings moved from six a year earlier to 13 after the figure moved from eight in January 2012 to four in January 2013.
A total of 154 new homes were sold during the 12 months that ended in February, up from 147 for the year that ended in January.
New home closings were 13 out of 255 total closings, making up 5.1%. This is up on a percentage basis from six of 257 a year earlier. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $297,461 from $241,883 a year ago. This came after a 9.9% rise in January year-over-year.
Average mortgage size on new homes increased to $252,777 from $174,598 last year. Average mortgage size on new homes went from $239,507 in January 2012 to $234,929 in January 2013. The overall percentage of sale price that was being financed jumped 12.8 percentage points year-over-year to 85.0% in February 2013. This came after a 10.2 percentage point drop in January from a year earlier.
New Home Closings and Prices in Bellingham Increase According to Newest Figures
Posted on: May 06, 2013 07:03:34 AM
There was an increase in closings of new homes in the Bellingham, WA market in February year-over-year, rebounding from a year-over-year decline in January 2013. New home closings moved from six a year earlier to 13 after the figure moved from eight in January 2012 to four in January 2013.
A total of 154 new homes were sold during the 12 months that ended in February, up from 147 for the year that ended in January.
New home closings were 13 out of 255 total closings, making up 5.1%. This is up on a percentage basis from six of 257 a year earlier. Following a year-over-year increase in January, closings of new and existing homes dipped year-over-year in February.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $297,461 from $241,883 a year ago. This came after a 9.9% rise in January year-over-year.
Average mortgage size on new homes increased to $252,777 from $174,598 last year. Average mortgage size on new homes went from $239,507 in January 2012 to $234,929 in January 2013. The overall percentage of sale price that was being financed jumped 12.8 percentage points year-over-year to 85.0% in February 2013. This came after a 10.2 percentage point drop in January from a year earlier.
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. Single-family home closings made up 12 of 13 new home closings after accounting for five of six a year earlier. Meanwhile, attached units made up one of 13 new home closings after making up one of six closings a year earlier.
The average unit size of newly sold homes rose from 1,539 square feet a year earlier to 1,734 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in February, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 20.2% of existing home closings, down from 38.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 8.7% in February from 29.9% a year earlier while REO closings as a percentage of existing home closings rose to 11.6% from 8.8%.
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Source: Housing Intelligence