Newest Numbers Indicate New Home Closings and Prices Decrease in Yakima
Posted on: May 06, 2013 07:40:21 AM
New home closings sank year-over-year in February in the Yakima, WA market, declining after staying relatively stable in January from the year earlier. Closings stood at three in February after being six a year earlier and the figure was unchanged at six in January from a year earlier.
A total of 68 new homes were sold during the 12 months that ended in February, down from 71 for the year that ended in January.
Out of 127 total closings, three were of new homes, which makes up a smaller percentage than the six out of 116 total closings last year. After dropping in January from a year earlier, closings of new and existing homes increased year-over-year in February.
Pricing and Mortgage Trends
The average per-unit price of new homes was $226,800, compared with $252,283 last year. This came after a 16.4% fall in January from a year earlier.
The average mortgage size moved to $195,385, down from last year's $214,111. Average mortgage size on new homes went from $241,562 in January 2012 to $224,107 in January 2013. For new home closings, the percentage of the sale price that was being financed rose 1.3 percentage points year-over-year to 86.1% in February 2013.