In the Dubuque, IA market, new home closings declined year-over-year in August, falling after a rise in July 2015. New home closings moved from 15 a year earlier to 5 after the figure moved from 6 in July 2014 to 10 in July 2015.
A total of 73 new homes were sold during the 12 months that ended in August, down from 83 for the year that ended in July.
New home closings represented 5 out of the 110 total closings, which is a smaller percentage than the 15 of 178 total closings a year earlier. After rising year-over-year in July, closings of new and existing homes slid year-over-year in August.
Pricing and Mortgage Trends
The average price of new homes was $383,400, an increase from $342,300 a year earlier. This came after a 7.6% drop in July from a year earlier.
The average mortgage size on new homes was $271,499, up from $213,593. Average mortgage size on new homes went from $228,767 in July 2014 to $208,700 in July 2015.
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.
Foreclosures and real estate owned (REO) closings continued to fall from a year earlier in August, but did not look to be a burden on the market. Foreclosures and REO closings, taken together, represented 3.8% of existing closings, lower than 9.8% a year earlier. The percentage of existing home closings involving foreclosures fell to 1.9% in August from 3.1% a year earlier while REO closings as a percentage of existing home closings declined to 1.9% from 6.7% a year earlier.