New Home Prices Rise in Bellingham According to Latest Figures, Sales Drop
Posted on: Aug 08, 2014 11:09:30 AM
Closings of new homes in the Bellingham, WA market slid year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 15 a year earlier to 14 after the figure moved from 21 in April 2013 to 17 in April 2014.
A total of 177 new homes were sold during the 12 months that ended in May, down from 178 for the year that ended in April.
14 of the 369 total closings were new home closings, a shift on a percentage basis from 15 out of 435 a year earlier. For new and existing homes, closings declined in May after also declining in April year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $352,706, an increase from $312,921 a year earlier. This was on the heels of a 14.3% surge in April year-over-year.
Average mortgage size on newly sold homes saw a decline year-over-year from $284,628 to $264,753. In April 2014, average mortgage size on newly sold homes saw a 12.9% hike year-over-year from a year earlier.