In November, sales of new homes in the Wenatchee, WA market grew year-over-year, rebounding from a year-over-year decline in October 2011. New home sales moved from six a year earlier to 15 after the figure moved from 20 in October 2010 to nine in October 2011.

A total of 123 new homes were sold during the 12 months that ended in November, up from 114 for the year that ended in October.

New home sales were 15 of the 120 total sales, up on a percentage basis from six of 101 a year earlier. After dropping in October from a year earlier, sales of new and existing homes rose year-over-year in November.

The average new home price was $278,096 in November 2011, down from $313,600 a year earlier. This came after a 31.0% rise in October year-over-year.

There was a decline in average mortgage size on new homes, going from $287,500 last year to $272,742 in November 2011. Average mortgage size on new homes went from $181,958 in October 2010 to $192,264 in October 2011. The overall percentage of sale price that was being financed rose 6.4 percentage points year-over-year to 98.1% in November 2011. This came after an 18.2 percentage point drop in October from a year earlier.

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 five of six last year. Meanwhile, attached units made up no part of new home sales after making up one of six sales a year earlier.

The average unit size of newly sold homes fell from 3,609 square feet a year earlier to 2,292 square feet.

Foreclosures and real estate owned (REO) sales continued to fall from a year earlier in November, but did not look to be a burden on the market. Out of all existing home sales, foreclosures combined with REO sales accounted for 14.3% of sales, below 29.5% a year earlier. The percentage of existing home sales involving foreclosures dipped to 10.5% in November from 18.9% a year earlier while REO sales as a percentage of existing home sales declined to 3.8% from 10.5% a year earlier.

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