Closings of new homes in the Wenatchee, WA market remained steady year-over-year in September, staying flat after dropping year-over-year in August from the year earlier. Closings remained level at 9 from a year earlier after the figure moved from 7 in August 2014 to 6 in August 2015.
A total of 98 new homes were sold during the 12 months that ended in September, equal to the number of new homes sold for the year that ended in August.
New home closings were 9 out of the 213 total closings, a move on a percentage basis from 9 of 196 a year earlier. Following a year-over-year increase in August, closings of new and existing homes also increased year-over-year in September.
Pricing and Mortgage Trends
The average price for newly sold homes moved north to $285,025 from $248,563 a year ago. This came after a 2.7% boost in August year-over-year.
From the year-ago figure of $284,901, the average mortgage size on new homes moved up to $300,654. In August 2015, average mortgage size remained level from a year earlier at $250,969.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in September 2015.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in September, but did not look to be a burden on the market. Combined, foreclosures plus REO closings accounted for 7.8% of existing home closings, below 14.4% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.4% in September from 7.0% a year earlier while REO closings as a percentage of existing home closings dropped to 3.4% from 7.5% a year earlier.