In the Wenatchee, WA market in March, new home closings climbed year-over-year, rebounding from a year-over-year decline in February 2016. New home closings moved from 10 a year earlier to 11 after the figure moved from 10 in February 2015 to 4 in February 2016.
A total of 126 new homes were sold during the 12 months that ended in March, up from 125 for the year that ended in February.
11 of the 191 total closings were new home closings, a shift on a percentage basis from 10 out of 177 a year earlier. After dropping in February from a year earlier, closings of new and existing homes rose year-over-year in March.
Pricing and Mortgage Trends
The average new home price was $272,872, down from $310,346 a year earlier. This came after a 11.0% fall in February from a year earlier.
Average mortgage size on new homes fell from $264,266 to $237,642. Average mortgage size on new homes went from $319,413 in February 2015 to $273,197 in February 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 March 2016.
The average unit size of newly sold homes fell from 1,967 square feet a year earlier to 1,049 square feet.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in March, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 16.1% of closings, below 19.2% a year earlier. The percentage of existing home closings involving foreclosures fell to 6.1% in March from 7.2% a year earlier while REO closings as a percentage of existing home closings sank to 10.0% from 12.0% a year earlier.