In the Yakima, WA market, new home closings sank year-over-year in November, and the decline was by a larger percentage than the October 2015. New home closings moved from 3 a year earlier to none after the figure moved from 5 in October 2014 to 4 in October 2015.
On a percentage basis, new home closings as a part of total closings decreased to no part from 1.6% a year earlier. Closings of new and existing homes rose year-over-year in November following a decline in October year-over-year.
Other Market Trends
There were no new home closings in November 2015, but average size of newly sold homes was 2,463 a year earlier.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, made up 15.5% of existing closings, lower than 22.7% a year earlier. The percentage of existing home closings involving foreclosures declined to 4.8% in November from 8.8% a year earlier while REO closings as a percentage of existing home closings fell to 10.7% from 13.8% a year earlier.