There was a rise in new home closings in the Wenatchee, WA market in December year-over-year, rebounding from a year-over-year decline in November 2015. New home closings moved from 7 a year earlier to 9 after the figure moved from 7 in November 2014 to 5 in November 2015.
A total of 107 new homes were sold during the 12 months that ended in December, up from 105 for the year that ended in November.
New home closings were 9 out of 182 total closings, making up 4.9%. This is up on a percentage basis from 7 of 192 a year earlier. Closings of new and existing homes saw a decline year-over-year in December after remaining steady in November year-over-year.
Pricing and Mortgage Trends
The average new home value went from $268,006 last year to $429,445. This followed a 17.3% fall in November from a year earlier.
The average mortgage size on new homes was $352,208, up from $256,853. Average mortgage size on new homes went from $300,771 in November 2014 to $262,142 in November 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 December 2015.
The average unit size of newly sold homes fell from 1,986 square feet a year earlier to 1,603 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in December, but did not appear to be dragging the market. Together, foreclosures plus REO closings made up 12.7% of existing home closings, down from 17.8% a year earlier. The percentage of existing home closings involving foreclosures went from 5.9% in December 2014 to 6.4% in December 2015 and REO closings as a percentage of existing home closings slid to 6.4% from 11.9% a year earlier.