In April, the Casper, WY market saw a drop year-over-year in new home closings, and the decline was by a larger percentage than the March 2016. New home closings moved from 8 a year earlier to 1 after the figure moved from 6 in March 2015 to 1 in March 2016.
Last year, 8 of 191 total closings were new homes, and this percentage saw a decline as new home closings this year made up 1 of the 145 total closings. For new and existing homes, closings declined in April after also declining in March year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $429,875 from last year's $309,156. This came after a 78.9% boost in March year-over-year.
From the year-ago figure of $271,482, the average mortgage size on new homes moved up to $343,900. Average mortgage size on new homes went from $244,475 in March 2015 to $417,000 in March 2016.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in April 2016.
Foreclosures and real estate owned (REO) closings increased in April from a year earlier and did not appear to be dragging the market. Together, foreclosures plus REO closings accounted for 18.8% of existing home closings, up from 5.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 13.9% in April from 3.8% a year earlier while REO closings as a percentage of existing home closings gained to 4.9% from 1.6%.