New home closings in the Wenatchee, WA market dropped year-over-year in August, dropping after a year-over-year increase in July 2012. New home closings moved from 14 a year earlier to six after the figure moved from four in July 2011 to seven in July 2012.
A total of 87 new homes were sold during the 12 months that ended in August, down from 95 for the year that ended in July.
New home closings accounted for six of the 115 total closings, a smaller percentage compared with 14 of 193 closings a year earlier. Following a year-over-year decline in July, closings of new and existing homes also slid year-over-year in August.
Pricing and Mortgage Trends
The average new home price was $229,650, down from $294,116 a year earlier. This was on the heels of a 7.5% decline in July from a year earlier.
Average mortgage size on new homes rose from $141,530 to $177,672. Average mortgage size on new homes went from $213,333 in July 2011 to $192,120 in July 2012. For new home closings, the percentage of the sale price that was being financed jumped 29.2 percentage points year-over-year to 77.4% in August 2012. In July 2012, there was a 1.9 percentage point decline in July from a year earlier.
Other Market Trends
As a share of new home closings, single-family home closings have risen from last year while the share belonging to attached units has fallen. Single-family home closings made up all of new home closings after accounting for 13 of 14 last year. Meanwhile, attached units made up no part of new home closings after making up one of 14 closings a year earlier.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 11.9% of existing home closings, down from 40.2% a year earlier. The percentage of existing home closings involving foreclosures declined to 2.8% in August from 26.8% a year earlier while REO closings as a percentage of existing home closings declined to 9.2% from 13.4% a year earlier.
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