In the Yakima, WA market, closings of new homes fell year-over-year in May, but the decline was less than the year-over-year decline in April. New home closings moved from 8 a year earlier to 6 after the figure moved from 6 in April 2015 to 4 in April 2016.
A total of 130 new homes were sold during the 12 months that ended in May, down from 132 for the year that ended in April.
New home closings were 6 out of the 239 total closings, a move on a percentage basis from 8 of 232 a year earlier. Following a drop in April year-over-year, closings of new and existing homes gained year-over-year in May.
Pricing and Mortgage Trends
The average new home value went from $243,834 last year to $358,440. This was on the heels of a 8.7% hike in April year-over-year.
Average mortgage size on new homes increased to $311,372 from $207,765 last year. Average mortgage size on new homes went from $187,033 in April 2015 to $227,173 in April 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 May 2016.
The average unit size of newly sold homes rose from 1,807 square feet a year earlier to 2,077 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 13.7% of existing closings, lower than 16.1% a year earlier. The percentage of existing home closings involving foreclosures declined to 5.2% in May from 6.7% a year earlier and REO closings moved from 9.4% of existing home closings in May 2015 to 8.6% in May 2016.