In April, there was a decline year-over-year in new home closings in the Yakima, WA market, dropping after a year-over-year increase in March 2016. New home closings moved from 6 a year earlier to 4 after the figure moved from 7 in March 2015 to 8 in March 2016.
A total of 132 new homes were sold during the 12 months that ended in April, down from 134 for the year that ended in March.
New home closings were 4 out of the 225 total closings, a move on a percentage basis from 6 of 266 a year earlier. Closings of new and existing homes slid year-over-year in April after remaning steady in March year-over-year.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $278,481 from $256,204 a year ago. This came after a 13.2% drop in March from a year earlier.
The average mortgage size on new homes was $227,173, up from $187,033. Average mortgage size on new homes went from $222,096 in March 2015 to $227,759 in March 2016.
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.
The average unit size of newly sold homes fell from 1,837 square feet a year earlier to 1,793 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in April, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 15.8% of existing closings, lower than 21.9% a year earlier. The percentage of existing home closings involving foreclosures went from 8.1% in April 2015 to 9.0% in April 2016 and REO closings as a percentage of existing home closings declined to 6.8% from 13.8% a year earlier.