The Carson City, NV market saw a drop in new home closings year-over-year in July, but the decline was less than the year-over-year decline in June. New home closings moved from 2 a year earlier to 1 after the figure moved from 3 in June 2015 to none in June 2016.
New home closings were 1 out of the 78 total closings, down on a percentage basis from 2 of 71 a year earlier. Following a year-over-year increase in June, closings of new and existing homes also rose year-over-year in July.
Pricing and Mortgage Trends
The average new home price was $239,900, up from $169,364 a year earlier. This was on the heels of a.
The average mortgage size on new homes was $245,057, up from $166,295.
Other Market Trends
There was no change in the composition of the new home market with regard to the types of properties sold in July 2016.
Foreclosures and real estate owned (REO) closings continued to drop from a year earlier in July, but did not look to be a burden on the market. Combined, foreclosures plus REO closings made up 11.7% of existing home closings, below 14.5% a year earlier. The percentage of existing home closings involving foreclosures rose to 9.1% in July from 7.2% a year earlier while REO closings as a percentage of existing home closings fell to 2.6% from 7.2% a year earlier.