Wenatchee, WA - Newest New Home Sales Numbers Give Hints Market Fall is Slowing
Posted on: May 07, 2012 09:56:30 AM
In February, there was a decline year-over-year in new home sales in the Wenatchee, WA market, but the decline was less than the year-over-year decline in January. New home sales moved from nine a year earlier to six after the figure moved from nine in January 2011 to four in January 2012.
A total of 117 new homes were sold during the 12 months that ended in February, down from 120 for the year that ended in January.
Out of 94 total sales, six were of new homes, which makes up a smaller percentage than the nine out of 85 total sales last year. Sales of new and existing homes increased year-over-year in February following a decline in January year-over-year.
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Pricing and Mortgage Trends
The average price for new homes was $214,845, moving from $212,959 last year. This came after a 13.9% drop in January from a year earlier.
Average mortgage size on new homes rose from $164,834 to $201,522.
Wenatchee, WA - Newest New Home Sales Numbers Give Hints Market Fall is Slowing
Posted on: May 07, 2012 09:56:30 AM
In February, there was a decline year-over-year in new home sales in the Wenatchee, WA market, but the decline was less than the year-over-year decline in January. New home sales moved from nine a year earlier to six after the figure moved from nine in January 2011 to four in January 2012.
A total of 117 new homes were sold during the 12 months that ended in February, down from 120 for the year that ended in January.
Out of 94 total sales, six were of new homes, which makes up a smaller percentage than the nine out of 85 total sales last year. Sales of new and existing homes increased year-over-year in February following a decline in January year-over-year.
Pricing and Mortgage Trends
The average price for new homes was $214,845, moving from $212,959 last year. This came after a 13.9% drop in January from a year earlier.
Average mortgage size on new homes rose from $164,834 to $201,522.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for seven of nine last year. Meanwhile, attached units made up no part of new home sales after making up two of nine sales a year earlier.
The average unit size of newly sold homes rose from 1,644 square feet a year earlier to 2,378 square feet.
Foreclosures and real estate owned (REO) sales stayed a drag on the market. Together, foreclosures plus REO sales accounted for 25.0% of existing home sales. They made up 34.2% in February 2011. The percentage of existing home sales involving foreclosures dipped to 11.4% in February from 19.7% a year earlier and REO sales moved from 14.5% of existing home sales in February 2011 to 13.6% in February 2012.
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Source: Housing Intelligence