The Wenatchee, WA market saw a drop in new home closings year-over-year in August, but the decline was less than the year-over-year decline in July. New home closings moved from 7 a year earlier to 6 after the figure moved from 11 in July 2014 to 9 in July 2015.

A total of 97 new homes were sold during the 12 months that ended in August, down from 98 for the year that ended in July.

New home closings were 6 out of the 191 total closings, a move on a percentage basis from 7 of 187 a year earlier. Closings of new and existing homes jumped year-over-year in August after also rising in July year-over-year.

Pricing and Mortgage Trends

The average price of new homes was $288,844, an increase from $281,114 a year earlier. This came after a 23.7% decline in July from a year earlier.

Average mortgage size on new homes remained at $251,218, same as a year earlir. Average mortgage size on new homes went from $289,124 in July 2014 to $221,354 in July 2015.

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 drop from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 7.0% of existing home closings, down from 8.9% a year earlier. The percentage of existing home closings involving foreclosures rose to 4.9% in August from 3.3% a year earlier while REO closings as a percentage of existing home closings sank to 2.2% from 5.6% a year earlier.

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