New home closings in the Yakima, WA market sank year-over-year in February, and the decline was by a larger percentage than the January 2016. New home closings moved from 3 a year earlier to none after the figure moved from 7 in January 2015 to 2 in January 2016.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.5% a year earlier. Closings of new and existing homes sank year-over-year in February after also falling in January year-over-year.
Other Market Trends
There were no new home closings in February 2016, but average size of newly sold homes was 2,006 a year earlier.
Foreclosures and real estate owned (REO) closings continued to rise in February from a year earlier and stayed a drag on the market. Together, foreclosures plus REO closings accounted for 31.5% of existing home closings, up from 26.6% a year earlier. The percentage of existing home closings involving foreclosures rose to 17.9% in February from 13.0% a year earlier and REO closings moved from 13.5% of existing home closings in February 2015 to 13.7% in February 2016.