In the Wenatchee, WA market in November, closings of new homes sank year-over-year, and the decline was by a larger percentage than the October 2015. New home closings moved from 7 a year earlier to 3 after the figure moved from 15 in October 2014 to 9 in October 2015.
A total of 88 new homes were sold during the 12 months that ended in November, down from 92 for the year that ended in October.
New home closings represented 3 out of the 150 total closings, which is a smaller percentage than the 7 of 155 total closings a year earlier. After rising year-over-year in October, closings of new and existing homes fell year-over-year in November.
Pricing and Mortgage Trends
The average per-unit price of new homes was $274,308, compared with $359,779 last year. This was on the heels of a 16.9% decline in October from a year earlier.
The average mortgage size moved to $256,344, down from last year's $300,771. Average mortgage size on new homes went from $291,294 in October 2014 to $210,212 in October 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 November 2015.
The average unit size of newly sold homes fell from 1,893 square feet a year earlier to 1,066 square feet.
Together, foreclosures plus REO closings made up 12.2% of existing home closings. In November 2014, they made up 12.2%. The percentage of existing home closings involving foreclosures slid to 4.1% in November from 8.1% a year earlier while REO closings as a percentage of existing home closings grew to 8.2% from 4.1%.