In the Yakima, WA market in May, new home closings dropped year-over-year, but the decline was less than the year-over-year decline in April. New home closings moved from 8 a year earlier to 6 after the figure moved from 6 in April 2015 to 4 in April 2016.
A total of 130 new homes were sold during the 12 months that ended in May, down from 132 for the year that ended in April.
6 of the 239 total closings were new home closings, a shift on a percentage basis from 8 out of 232 a year earlier. Following a fall in April year-over-year, closings of new and existing homes grew year-over-year in May.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $358,440 from $243,834 a year ago. This came after a 8.7% hike in April year-over-year.
Average mortgage size on new homes rose from $207,765 to $311,372. Average mortgage size on new homes went from $187,033 in April 2015 to $227,173 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 1,807 square feet a year earlier to 2,077 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in May, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 13.7% of existing home closings, down from 16.1% a year earlier. The percentage of existing home closings involving foreclosures fell to 5.2% in May from 6.7% a year earlier and REO closings moved from 9.4% of existing home closings in May 2015 to 8.6% in May 2016.