Closings of new homes in the Yakima, WA market dropped year-over-year in June, and the decline was by a larger percentage than the May 2016. New home closings moved from 10 a year earlier to 5 after the figure moved from 8 in May 2015 to 6 in May 2016.
A total of 125 new homes were sold during the 12 months that ended in June, down from 130 for the year that ended in May.
New home closings were 5 out of the 314 total closings, down on a percentage basis from 10 of 296 a year earlier. Following a year-over-year increase in May, closings of new and existing homes also increased year-over-year in June.
Pricing and Mortgage Trends
The average price of new homes rose to $280,860 from last year's $246,413. This was on the heels of a 47.0% bump in May year-over-year.
Average mortgage size on new homes increased to $242,814 from $206,951 last year. Average mortgage size on new homes went from $207,765 in May 2015 to $311,372 in May 2016.
Other Market Trends
The share of new home closings made up by attached units has risen while the share belonging to single-family homes has fallen.
The average unit size of newly sold homes fell from 1,832 square feet a year earlier to 1,685 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in June, but did not appear to be dragging the market. Combined, foreclosures plus REO closings accounted for 11.0% of existing home closings, below 14.7% a year earlier. The percentage of existing home closings involving foreclosures dropped to 4.9% in June from 6.3% a year earlier while REO closings as a percentage of existing home closings slid to 6.1% from 8.4% a year earlier.