New home closings in the Yakima, WA market sank year-over-year in January, but the decline was less than the year-over-year decline in December. New home closings moved from 5 a year earlier to 2 after the figure moved from 8 in December 2014 to 2 in December 2015.
New home closings were 2 out of the 168 total closings, down on a percentage basis from 5 of 181 a year earlier. Following a year-over-year increase in December, closings of new and existing homes slid year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $216,000, down from last year's $271,060. This was on the heels of a 64.6% surge in December year-over-year.
Average mortgage size on new homes fell from $248,850 to $214,440. Average mortgage size on new homes went from $203,921 in December 2014 to $200,000 in December 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 January 2016.
The average unit size of newly sold homes fell from 1,961 square feet a year earlier to 1,816 square feet.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in January, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 22.9% of closings, below 33.0% a year earlier. The percentage of existing home closings involving foreclosures fell to 13.3% in January from 20.5% a year earlier while REO closings as a percentage of existing home closings sank to 9.6% from 12.5% a year earlier.