New home closings in the Wenatchee, WA market stayed the same year-over-year in January, remaining relatively stable after moving north year-over-year in December from the year earlier. Closings remained level at 5 from a year earlier after the figure moved from 7 in December 2014 to 9 in December 2015.
A total of 107 new homes were sold during the 12 months that ended in January, equal to the number of new homes sold for the year that ended in December.
Out of the 120 total closings, 5 were new home closings. This is consistent on a percentage basis with a year earlier. Following a fall in December year-over-year, closings of new and existing homes rose year-over-year in January.
Pricing and Mortgage Trends
The average value of newly sold homes in January 2016 was $348,560, down from last year's $434,788. This followed a 60.2% lift in December year-over-year.
Average mortgage size on new homes fell from $416,524 to $330,833. Average mortgage size on new homes went from $256,853 in December 2014 to $352,208 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 2,204 square feet a year earlier to 1,638 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 represented 13.9% of closings, below 22.1% a year earlier. The percentage of existing home closings involving foreclosures sank to 4.3% in January from 14.2% a year earlier while REO closings as a percentage of existing home closings climbed to 9.6% from 8.0%.