In June, the Wenatchee, WA market saw a fall year-over-year in new home closings, dropping after a year-over-year increase in May 2016. New home closings moved from 16 a year earlier to 3 after the figure moved from 11 in May 2015 to 14 in May 2016.
A total of 118 new homes were sold during the 12 months that ended in June, down from 131 for the year that ended in May.
New home closings were 5.2% of total closings a year earlier, and this percentage saw a drop as new home closings this year made up 3 of the 238 total closings. Following a year-over-year rise in May, closings of new and existing homes dropped year-over-year in June.
Pricing and Mortgage Trends
The average value of newly sold homes in June 2016 was $335,833, down from last year's $387,820. This was on the heels of a 3.3% rise in May year-over-year.
The average mortgage size moved to $234,050, down from last year's $310,959. Average mortgage size went from $316,043 in May 2015 to $317,835 in May 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 June 2016.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in June, but did not look to be a burden on the market. Out of all existing home closings, foreclosures combined with REO closings made up 7.7% of closings, below 10.0% a year earlier. The percentage of existing home closings involving foreclosures slid to 2.1% in June from 4.2% a year earlier and REO closings moved from 5.9% of existing home closings in June 2015 to 5.5% in June 2016.