In February, the Wenatchee, WA market saw a fall year-over-year in new home closings, sliding after a growth in January 2016. New home closings moved from 10 a year earlier to 4 after the figure moved from 6 in January 2015 to 7 in January 2016.
A total of 125 new homes were sold during the 12 months that ended in February, down from 131 for the year that ended in January.
Last year, 10 of 129 total closings were new homes, and this percentage saw a decline as new home closings this year made up 4 of the 117 total closings. Following a year-over-year rise in January, closings of new and existing homes slid year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $321,826, compared with $361,571 last year. This was on the heels of a 22.7% fall in January from a year earlier.
The average mortgage size went down to $273,197 from $319,413 a year earlier. Average mortgage size on new homes went from $416,524 in January 2015 to $311,291 in January 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 February 2016.
Foreclosures and real estate owned (REO) closings rose in February from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 21.2% of existing home closings, up from 18.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 15.0% in February from 7.6% a year earlier while REO closings as a percentage of existing home closings sank to 6.2% from 10.9% a year earlier.