The Yakima, WA market saw a drop in new home sales year-over-year in November, a decline following a rise in October 2011. New home sales moved from 12 a year earlier to five after the figure moved from 14 in October 2010 to 15 in October 2011.
A total of 114 new homes were sold during the 12 months that ended in November, down from 121 for the year that ended in October.
New home sales were five of the 147 total sales, down on a percentage basis from 12 of 117 a year earlier. Following a year-over-year increase in October, sales of new and existing homes also rose year-over-year in November.
Pricing and Mortgage Trends
The average price of new homes was $167,726 per unit in November 2011, which is down from $265,146 a year ago. This came after a 31.7% rise in October year-over-year.
The average mortgage size moved to $148,375, down from last year's $256,678. Average mortgage size on new homes went from $139,335 in October 2010 to $217,776 in October 2011. Of the overall sale price, the percentage that was being financed dipped 8.3 percentage points year-over-year to 88.5% in November 2011. This was a swing downward after a 14.7 percentage point lift in October from a year earlier.
Other Market Trends
As a share of new home sales, single-family home sales have risen from last year while the share belonging to attached units has fallen. Single-family home sales made up all of new home sales after accounting for 11 of 12 last year. Meanwhile, attached units made up no part of new home sales after making up one of 12 sales a year earlier.
Foreclosures and real estate owned (REO) sales continued to decline from a year earlier in November, but did not look to be a burden on the market. Foreclosures and REO sales, taken together, made up 16.2% of existing sales, lower than 32.4% a year earlier. The percentage of existing home sales involving foreclosures slid to 9.9% in November from 20.0% a year earlier while REO sales as a percentage of existing home sales declined to 6.3% from 12.4% a year earlier.
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