In the Yakima, WA market, closings of new homes slid year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 7 a year earlier to 2 after the figure moved from 11 in July 2014 to 3 in July 2015.
A total of 56 new homes were sold during the 12 months that ended in August, down from 61 for the year that ended in July.
New home closings were 2.8% of total closings a year earlier, and this percentage saw a fall as new home closings this year made up 2 of the 268 total closings. Following a year-over-year increase in July, closings of new and existing homes also gained year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes rose to $328,250 from last year's $256,248. This came after a 17.7% surge in July year-over-year.
From the year-ago figure of $222,531, the average mortgage size on new homes moved up to $233,197. Average mortgage size on new homes went from $207,072 in July 2014 to $277,283 in July 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 August 2015.
The average unit size of newly sold homes rose from 2,018 square feet a year earlier to 2,071 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 14.7% of closings, below 22.5% a year earlier. The percentage of existing home closings involving foreclosures fell to 7.5% in August from 9.4% a year earlier while REO closings as a percentage of existing home closings sank to 7.1% from 13.1% a year earlier.