In the Yakima, WA market, new home closings declined year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 10 a year earlier to 5 after the figure moved from 8 in May 2015 to 6 in May 2016.
A total of 125 new homes were sold during the 12 months that ended in June, down from 130 for the year that ended in May.
Last year, 10 of 296 total closings were new homes, and this percentage saw a decline as new home closings this year made up 5 of the 314 total closings. Closings of new and existing homes grew year-over-year in June after also rising in May year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $280,860 from last year's $246,413. This followed a 47.0% lift in May year-over-year.
From the year-ago figure of $206,951, the average mortgage size on new homes moved up to $242,814. Average mortgage size on new homes went from $207,765 in May 2015 to $311,372 in May 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,832 square feet a year earlier to 1,685 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not look to be a burden on the market. Together, foreclosures plus REO closings made up 11.0% of existing home closings, down from 14.7% a year earlier. The percentage of existing home closings involving foreclosures slid to 4.9% in June from 6.3% a year earlier while REO closings as a percentage of existing home closings dropped to 6.1% from 8.4% a year earlier.