New home closings declined year-over-year in April in the Wenatchee, WA market, dropping after a year-over-year increase in March 2016. New home closings moved from 11 a year earlier to 8 after the figure moved from 10 in March 2015 to 11 in March 2016.
A total of 123 new homes were sold during the 12 months that ended in April, down from 126 for the year that ended in March.
New home closings were 8 out of the 182 total closings, a move on a percentage basis from 11 of 209 a year earlier. Following a year-over-year increase in March, closings of new and existing homes sank year-over-year in April.
Pricing and Mortgage Trends
The average value of newly sold homes in April 2016 was $318,089, down from last year's $323,882. This came after a 12.1% decline in March from a year earlier.
From the year-ago figure of $248,543, the average mortgage size on new homes moved up to $279,310. Average mortgage size on new homes went from $264,266 in March 2015 to $237,642 in March 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 rose from 1,561 square feet a year earlier to 2,255 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in April, but did not appear to be dragging the market. Out of all existing home closings, foreclosures combined with REO closings accounted for 11.5% of closings, below 14.6% a year earlier. The percentage of existing home closings involving foreclosures went from 6.1% in April 2015 to 5.2% in April 2016 and REO closings as a percentage of existing home closings sank to 6.3% from 8.6% a year earlier.