New Home Prices Climb in Bellingham According to Latest Figures, Sales Decline
Posted on: Jul 06, 2014 07:03:20 AM
In April, there was a fall year-over-year in new home closings in the Bellingham, WA market, but the decline was less than the year-over-year decline in March. New home closings moved from 21 a year earlier to 17 after the figure moved from 17 in March 2013 to 10 in March 2014.
A total of 183 new homes were sold during the 12 months that ended in April, down from 187 for the year that ended in March.
Of the total number of closings, new home closings made up 5.8%. New home closings were 6.3% of overall closings last year. Following a year-over-year decline in March, closings of new and existing homes also fell year-over-year in April.
Pricing and Mortgage Trends
In April, there was a 14.3% surge year-over-year in the average price of newly sold homes, reaching $318,702 per unit. This lift is better than the 9.4% boost in March year-over-year.
Along with new home prices, there was an increase year-over-year in the average mortgage size on newly sold homes. In April 2014, average mortgage size grew 12.9% from a year earlier to $269,939. Average mortgage size on new homes went from $270,282 in March 2013 to $292,962 in March 2014.