Recent Numbers Show Prices of New Homes Climb in Wenatchee, Sales Fall
Posted on: May 06, 2013 07:39:15 AM
In the Wenatchee, WA market in February, new home closings sank year-over-year, dropping after a year-over-year increase in January 2013. New home closings moved from six a year earlier to four after the figure moved from four in January 2012 to eight in January 2013.
A total of 56 new homes were sold during the 12 months that ended in February, down from 58 for the year that ended in January.
Out of 123 total closings, four were of new homes, which makes up a smaller percentage than the six out of 96 total closings last year. Following a year-over-year increase in January, closings of new and existing homes also jumped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $297,225, up from $214,845 a year earlier. This came after a 7.3% rise in January year-over-year.
Average mortgage size on new homes went from $201,522 a year earlier to $230,009.
Recent Numbers Show Prices of New Homes Climb in Wenatchee, Sales Fall
Posted on: May 06, 2013 07:39:15 AM
In the Wenatchee, WA market in February, new home closings sank year-over-year, dropping after a year-over-year increase in January 2013. New home closings moved from six a year earlier to four after the figure moved from four in January 2012 to eight in January 2013.
A total of 56 new homes were sold during the 12 months that ended in February, down from 58 for the year that ended in January.
Out of 123 total closings, four were of new homes, which makes up a smaller percentage than the six out of 96 total closings last year. Following a year-over-year increase in January, closings of new and existing homes also jumped year-over-year in February.
Pricing and Mortgage Trends
The average new home price was $297,225, up from $214,845 a year earlier. This came after a 7.3% rise in January year-over-year.
Average mortgage size on new homes went from $201,522 a year earlier to $230,009.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in February 2013. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes rose from 2,037 square feet a year earlier to 3,508 square feet.
Foreclosures and real estate owned (REO) closings did not look to be a burden on the market. Combined, foreclosures plus REO closings represented 21.0% of existing home closings. In February 2012, they accounted for 25.6%. The percentage of existing home closings involving foreclosures went from 11.1% in February 2012 to 10.9% in February 2013 and REO closings as a percentage of existing home closings fell to 10.1% from 14.4% a year earlier.
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Source: Housing Intelligence