New home closings in the Yakima, WA market declined year-over-year in July, and the decline was by a larger percentage than the June 2016. New home closings moved from 14 a year earlier to 2 after the figure moved from 10 in June 2015 to 5 in June 2016.
A total of 113 new homes were sold during the 12 months that ended in July, down from 125 for the year that ended in June.
New home closings were 5.3% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 2 of the 241 total closings. Following a year-over-year rise in June, closings of new and existing homes declined year-over-year in July.
Pricing and Mortgage Trends
The average per-unit price of new homes was $277,750, compared with $283,700 last year. This followed a 14.0% surge in June year-over-year.
Average mortgage size on new homes increased to $268,019 from $254,255 last year. Average mortgage size on new homes went from $206,951 in June 2015 to $242,814 in June 2016.
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 2016.
The average unit size of newly sold homes fell from 2,092 square feet a year earlier to 2,005 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not appear to be dragging the market. Combined, foreclosures plus REO closings made up 17.6% of existing home closings, below 22.3% a year earlier. The percentage of existing home closings involving foreclosures went from 12.4% in July 2015 to 12.1% in July 2016 and REO closings as a percentage of existing home closings slid to 5.4% from 10.0% a year earlier.