New home closings in the Yakima, WA market rose year-over-year in March, rebounding from a year-over-year decline in February 2016. New home closings moved from 7 a year earlier to 8 after the figure moved from 6 in February 2015 to 4 in February 2016.
A total of 134 new homes were sold during the 12 months that ended in March, up from 133 for the year that ended in February.
8 of the 225 total closings were new home closings, a shift on a percentage basis from 7 out of 226 a year earlier. Closings of new and existing homes stayed level after declining in February year-over-year.
Pricing and Mortgage Trends
The average value of newly sold homes in March 2016 was $244,265, down from last year's $281,414. This followed a 15.5% drop in February from a year earlier.
Average mortgage size on new homes went from $222,096 a year earlier to $227,759. Average mortgage size on new homes went from $224,939 in February 2015 to $188,560 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 1,884 square feet a year earlier to 1,856 square feet.
Foreclosures and real estate owned (REO) closings rose in March from a year earlier and did not look to be a burden on the market. Foreclosures and REO closings, taken together, accounted for 21.2% of existing home closings, up from 20.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 11.5% in March from 6.8% a year earlier while REO closings as a percentage of existing home closings fell to 9.7% from 13.7% a year earlier.