Closings of new homes in the Yakima, WA market declined year-over-year in December, but the decline was less than the year-over-year decline in November. New home closings moved from 8 a year earlier to 2 after the figure moved from 3 in November 2014 to none in November 2015.
New home closings represented 2 out of the 238 total closings, which is a smaller percentage than the 8 of 231 total closings a year earlier. Closings of new and existing homes increased year-over-year in December after also rising in November year-over-year.
Pricing and Mortgage Trends
The average price of new homes was $413,500, an increase from $251,288 a year earlier. This came after a.
There was a decline in average mortgage size on new homes, going from $203,921 last year to $200,000 in December 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 December 2015.
The average unit size of newly sold homes rose from 2,074 square feet a year earlier to 2,891 square feet.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in December, but did not look to be a burden on the market. Together, foreclosures plus REO closings accounted for 15.3% of existing home closings, down from 21.1% a year earlier. The percentage of existing home closings involving foreclosures dropped to 5.1% in December from 10.3% a year earlier and REO closings moved from 10.8% of existing home closings in December 2014 to 10.2% in December 2015.