Bellingham, WA - Newest Figures for New Home Sales Suggest Market Decline is Mounting
Posted on: May 06, 2012 09:14:35 AM
Sales of new homes in the Bellingham, WA market declined year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 13 a year earlier to seven after the figure moved from eight in January 2011 to seven in January 2012.
A total of 160 new homes were sold during the 12 months that ended in February, down from 166 for the year that ended in January.
Last year, 13 of 183 total sales were new homes, and this percentage saw a decline as new home sales this year made up seven of the 256 total sales. Sales of new and existing homes grew year-over-year in February after also rising in January year-over-year.
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Pricing and Mortgage Trends
The average new home price in February 2012 went down to $216,757 from $231,968 last year. This was on the heels of a 16.0% bump in January year-over-year.
The average mortgage size moved to $174,598, down from last year's $219,906. Average mortgage size on new homes went from $186,750 in January 2011 to $228,375 in January 2012. Of the overall sale price, the percentage that was being financed fell 14.3 percentage points year-over-year to 80.6% in February 2012. This was a swing downward after a 4.7 percentage point rise in January from a year earlier.
Bellingham, WA - Newest Figures for New Home Sales Suggest Market Decline is Mounting
Posted on: May 06, 2012 09:14:35 AM
Sales of new homes in the Bellingham, WA market declined year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from 13 a year earlier to seven after the figure moved from eight in January 2011 to seven in January 2012.
A total of 160 new homes were sold during the 12 months that ended in February, down from 166 for the year that ended in January.
Last year, 13 of 183 total sales were new homes, and this percentage saw a decline as new home sales this year made up seven of the 256 total sales. Sales of new and existing homes grew year-over-year in February after also rising in January year-over-year.
Pricing and Mortgage Trends
The average new home price in February 2012 went down to $216,757 from $231,968 last year. This was on the heels of a 16.0% bump in January year-over-year.
The average mortgage size moved to $174,598, down from last year's $219,906. Average mortgage size on new homes went from $186,750 in January 2011 to $228,375 in January 2012. Of the overall sale price, the percentage that was being financed fell 14.3 percentage points year-over-year to 80.6% in February 2012. This was a swing downward after a 4.7 percentage point rise in January from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up one of seven new home sales after accounting for one of 13 a year earlier. Meanwhile, single-family homes made up six of seven new home sales after making up 12 of 13 a year earlier.
Foreclosures and real estate owned (REO) sales remained a burden on the market. Combined, foreclosures plus REO sales accounted for 39.0% of existing home sales. In February 2011, they made up 34.1%. The percentage of existing home sales involving foreclosures rose to 30.5% in February from 16.5% a year earlier while REO sales as a percentage of existing home sales declined to 8.4% from 17.6% a year earlier.
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Source: Housing Intelligence