Yakima, WA - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:58:04 AM
Sales of new homes in the Yakima, WA market dropped year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from nine a year earlier to six after the figure moved from eight in January 2011 to six in January 2012.
A total of 104 new homes were sold during the 12 months that ended in February, down from 107 for the year that ended in January.
Out of 111 total sales, six were of new homes, which makes up a smaller percentage than the nine out of 122 total sales last year. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
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Pricing and Mortgage Trends
The average price of new homes sold in February 2012 rose to $252,283 from the year-earlier figure of $210,182. This was on the heels of a 11.5% drop in January from a year earlier.
Average mortgage size on new homes increased to $214,111 from $171,425 last year. Average mortgage size on new homes went from $233,634 in January 2011 to $241,562 in January 2012. The overall percentage of sale price that was being financed rose 3.3 percentage points year-over-year to 84.9% in February 2012. This was another lift after January 2012 when there was a 12.7 percentage point rise from a year earlier.
Yakima, WA - Freshest Figures for New Home Sales Suggest Market Fall is Mounting
Posted on: May 07, 2012 09:58:04 AM
Sales of new homes in the Yakima, WA market dropped year-over-year in February, and the decline was by a larger percentage than the January 2012. New home sales moved from nine a year earlier to six after the figure moved from eight in January 2011 to six in January 2012.
A total of 104 new homes were sold during the 12 months that ended in February, down from 107 for the year that ended in January.
Out of 111 total sales, six were of new homes, which makes up a smaller percentage than the nine out of 122 total sales last year. Following a year-over-year decline in January, sales of new and existing homes also dipped year-over-year in February.
Pricing and Mortgage Trends
The average price of new homes sold in February 2012 rose to $252,283 from the year-earlier figure of $210,182. This was on the heels of a 11.5% drop in January from a year earlier.
Average mortgage size on new homes increased to $214,111 from $171,425 last year. Average mortgage size on new homes went from $233,634 in January 2011 to $241,562 in January 2012. The overall percentage of sale price that was being financed rose 3.3 percentage points year-over-year to 84.9% in February 2012. This was another lift after January 2012 when there was a 12.7 percentage point rise from a year earlier.
Other Market Trends
The share of new home sales made up by attached units has risen while the share belonging to single-family homes has fallen. Attached sales made up two of six new home sales after accounting for no part of sales a year earlier. Meanwhile, single-family homes made up four of six new home sales after making up all of sales a year earlier.
Foreclosures and real estate owned (REO) sales decreased in February from a year earlier, but stayed a drag on the market. Together, foreclosures plus REO sales accounted for 27.6% of existing home sales, down from 45.1% a year earlier. The percentage of existing home sales involving foreclosures fell to 9.5% in February from 21.2% a year earlier while REO sales as a percentage of existing home sales fell to 18.1% from 23.9% a year earlier.
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Source: Housing Intelligence