In the Yakima, WA market, new home closings sank year-over-year in November, but the decline was less than the year-over-year decline in October. New home closings moved from four a year earlier to three after the figure moved from 14 in October 2011 to eight in October 2012.
A total of 78 new homes were sold during the 12 months that ended in November, down from 79 for the year that ended in October.
Three of the 120 total closings were new home closings, a shift on a percentage basis from four out of 169 a year earlier. For new and existing homes, closings declined in November after also declining in October year-over-year.
Pricing and Mortgage Trends
The average per-unit price of new homes was $354,667 in November 2012, up from $197,675 a year ago. This followed a 17.8% drop in October from a year earlier.
Average mortgage size on new homes increased to $277,400 from $157,357 last year. Average mortgage size on new homes went from $227,730 in October 2011 to $191,197 in October 2012. For new home closings, the percentage of the sale price that was being financed declined 1.4 percentage points year-over-year to 78.2% in November 2012. In October 2012, there was a 2.1 percentage point rise from a year earlier.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in November 2012. Single-family homes continued to account for all of new home closings.
The average unit size of newly sold homes rose from 1,459 square feet a year earlier to 2,504 square feet.
Foreclosures and real estate owned (REO) closings remained a burden on the market. Together, foreclosures plus REO closings accounted for 29.9% of existing home closings. In November 2011, they made up 23.6%. The percentage of existing home closings involving foreclosures rose to 19.7% in November from 11.5% a year earlier while REO closings as a percentage of existing home closings fell to 10.3% from 12.1% a year earlier.
Please refer to the ABOUT THIS MSA tab to learn more about geographic coverage and data availability in the Yakima, WA area.
Learn more about markets featured in this article: Yakima, WA.