The Yakima, WA market saw a drop in new home closings year-over-year in September, and the decline was by a larger percentage than the August 2015. New home closings moved from 9 a year earlier to 2 after the figure moved from 7 in August 2014 to 2 in August 2015.
A total of 49 new homes were sold during the 12 months that ended in September, down from 56 for the year that ended in August.
New home closings were 2 out of the 293 total closings, down on a percentage basis from 9 of 225 a year earlier. Closings of new and existing homes rose year-over-year in September after also rising in August year-over-year.
Pricing and Mortgage Trends
The average new home value went from $240,401 last year to $301,997. This followed a 28.1% hike in August year-over-year.
The average mortgage size on new homes was $342,000, up from $215,442. Average mortgage size on new homes went from $222,531 in August 2014 to $233,197 in August 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 September 2015.
The average unit size of newly sold homes rose from 1,806 square feet a year earlier to 2,470 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, represented 18.2% of existing closings, lower than 25.9% a year earlier. The percentage of existing home closings involving foreclosures dropped to 6.2% in September from 14.4% a year earlier and REO closings moved from 11.6% of existing home closings in September 2014 to 12.0% in September 2015.