New home closings in the Yakima, WA market fell year-over-year in July, declining after staying relatively stable in June from the year earlier. Closings stood at 3 in July after being 11 a year earlier and remaining unchanged at 4 in June from a year earlier.
A total of 61 new homes were sold during the 12 months that ended in July, down from 69 for the year that ended in June.
New home closings were 4.4% of total closings a year earlier, and this percentage saw a decline as new home closings this year made up 3 of the 283 total closings. For new and existing homes, closings jumped year-over-year in July after also increasing in June year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $291,300 from last year's $247,423. This came after a 12.9% drop in June from a year earlier.
Average mortgage size on new homes went from $207,072 a year earlier to $277,283. Average mortgage size on new homes went from $198,152 in June 2014 to $172,598 in June 2015.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2015.
The average unit size of newly sold homes rose from 1,847 square feet a year earlier to 2,185 square feet.
Foreclosures and real estate owned (REO) closings rose in July from a year earlier and did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 22.1% of existing home closings, up from 21.7% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.1% in July from 8.8% a year earlier while REO closings as a percentage of existing home closings dropped to 10.0% from 12.9% a year earlier.