The Wenatchee, WA market saw a drop in new home closings year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 12 a year earlier to 7 after the figure moved from 16 in June 2015 to 3 in June 2016.
A total of 113 new homes were sold during the 12 months that ended in July, down from 118 for the year that ended in June.
New home closings represented 7 out of the 226 total closings, which is a smaller percentage than the 12 of 268 total closings a year earlier. Following a year-over-year decline in June, closings of new and existing homes also declined year-over-year in July.
Pricing and Mortgage Trends
The average value of newly sold homes in July 2016 was $266,183, down from last year's $278,776. This was on the heels of a 13.4% fall in June from a year earlier.
There was a decline in average mortgage size on new homes, going from $231,312 last year to $220,381 in July 2016. Average mortgage size on new homes went from $310,959 in June 2015 to $234,050 in June 2016.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 7.3% of existing home closings, below 8.6% a year earlier. The percentage of existing home closings involving foreclosures slid to 1.8% in July from 3.5% a year earlier and REO closings moved from 5.1% of existing home closings in July 2015 to 5.5% in July 2016.