In August, the Yakima, WA market saw a decline year-over-year in new home closings, dropping after a year-over-year increase in July 2012. New home closings moved from nine a year earlier to five after the figure moved from six in July 2011 to eight in July 2012.
A total of 96 new homes were sold during the 12 months that ended in August, down from 100 for the year that ended in July.
New home closings accounted for five of the 229 total closings, a smaller percentage compared with nine of 193 closings a year earlier. Following a decline in July year-over-year, closings of new and existing homes rose year-over-year in August.
Pricing and Mortgage Trends
The average value of new homes sold in August 2012 declined to $191,276 from the year-earlier figure of $261,871. This came after a 2.2% rise in July year-over-year.
The average mortgage size went down to $203,656 from $222,114 a year earlier. Average mortgage size on new homes went from $243,804 in July 2011 to $248,399 in July 2012.
Other Market Trends
There was no change in the composition of the new-home market with regard to the types of properties sold in August 2012. Single-family homes continued to account for all of new home closings.
Foreclosures and real estate owned (REO) closings continued to decline from a year earlier in August, but did not look to be a burden on the market. Together, foreclosures plus REO closings represented 15.6% of existing home closings, down from 38.0% a year earlier. The percentage of existing home closings involving foreclosures declined to 9.4% in August from 16.8% a year earlier while REO closings as a percentage of existing home closings dropped to 6.2% from 21.2% a year earlier.
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