In the Casper, WY market in March, closings of new homes sank year-over-year, and the decline was by a larger percentage than the February 2016. New home closings moved from 6 a year earlier to 1 after the figure moved from 8 in February 2015 to 3 in February 2016.
New home closings represented 1 out of the 162 total closings, which is a smaller percentage than the 6 of 185 total closings a year earlier. For new and existing homes, closings dropped in March after also declining in February year-over-year.
Pricing and Mortgage Trends
The average price of new homes rose to $521,250 from last year's $291,284. This was on the heels of a 49.2% gain in February year-over-year.
Average mortgage size on new homes increased to $417,000 from $244,475 last year. Average mortgage size on new homes went from $270,511 in February 2015 to $379,313 in February 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 March 2016.
Foreclosures and real estate owned (REO) closings increased in March from a year earlier and did not appear to be dragging the market. Foreclosures and REO closings, taken together, made up 16.8% of existing home closings, higher than 6.1% a year earlier. The percentage of existing home closings involving foreclosures rose to 12.4% in March from 2.2% a year earlier and REO closings moved from 3.9% of existing home closings in March 2015 to 4.3% in March 2016.