There was an increase in closings of new homes in the Wenatchee, WA market in May year-over-year, rebounding from a year-over-year decline in April 2016. New home closings moved from 10 a year earlier to 14 after the figure moved from 11 in April 2015 to 8 in April 2016.
A total of 127 new homes were sold during the 12 months that ended in May, up from 123 for the year that ended in April.
New home closings were 14 out of 235 total closings, making up 6.0%. This is up on a percentage basis from 10 of 223 a year earlier. Closings of new and existing homes rose year-over-year in May following a decline in April year-over-year.
Pricing and Mortgage Trends
The average price for new homes in May 2016 was $385,317, a shift from $386,190 last year. This was on the heels of a 1.8% drop in April from a year earlier.
Average mortgage size on new homes fell from $329,668 to $317,835. Average mortgage size on new homes went from $248,543 in April 2015 to $279,310 in April 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in May 2016.
The average unit size of newly sold homes rose from 1,984 square feet a year earlier to 2,576 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 5.0% of existing closings, lower than 8.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.7% in May from 4.2% a year earlier while REO closings as a percentage of existing home closings declined to 2.3% from 3.8% a year earlier.