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.