Closings of new homes dropped year-over-year in July in the Wenatchee, WA market, falling after a rise in June 2015. New home closings moved from 11 a year earlier to 9 after the figure moved from 10 in June 2014 to 11 in June 2015.
A total of 97 new homes were sold during the 12 months that ended in July, down from 99 for the year that ended in June.
New home closings were 9 out of the 229 total closings, down on a percentage basis from 11 of 177 a year earlier. For new and existing homes, closings climbed year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2015 was $253,673, down from last year's $332,436. This followed a 32.2% hike in June year-over-year.
The average mortgage size moved to $221,354, down from last year's $289,124. Average mortgage size on new homes went from $289,528 in June 2014 to $274,049 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes fell from 1,832 square feet a year earlier to 1,438 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in July, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 9.5% of existing home closings, down from 10.8% a year earlier. The percentage of existing home closings involving foreclosures declined to 3.6% in July from 7.2% a year earlier while REO closings as a percentage of existing home closings jumped to 5.9% from 3.6%.